CONTENTS
Governance Society Environment
About the Report 01 6.1 Corporate Governance 25 7.1 Responsible Supply Chain Management 39 8.1 Green Products 87
Message from President 03
About Ninestar 05
Implementing ESG Management 09 7.4 Responsible Products 63
Materiality Assessment 17
Appendices 123 8.7 Ecosystem and Biodiversity Conservation 121
Ninestar Corporation 2025 Environmental, Social, and Governance Report
The Report is the fifth Environmental, Social, and Governance (ESG) Report (hereinafter referred to as "ESG Report" or "the
Report") released by Ninestar Corporation (hereinafter referred to as "Ninestar", "We", or "the Company"). It discloses our
Reporting Scope
ESG management philosophy, management policies, improvement actions, and other achievements in 2025.
The Report is an annual ESG report covering the period from January 1, 2025, to December 31, 2025 (hereinafter referred
to as "this year" or "the Reporting Period"). Some contents are appropriately extended beyond the Reporting Period and
References and Basis of Preparation need to be read in combination with our 2025 annual report.
Unless otherwise specified, the amounts involved in the Report are denominated in RMB.
Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange - Sustainability Report (For Trial
Implementation)
The GRI Sustainability Reporting Standards (GRI Standards) issued by the Global Sustainability Standards Board (GSSB)
Data Source
International Sustainability Disclosure Standard No. 2 – Climate-related Disclosures
Data in this report is sourced from public data, internal statistics, third-party studies, administrative documents, reports
and other relevant documents.
Chinese Sustainability Disclosure Standards for Business Enterprises No. 1 – Climate (Trial)
Availability of the Report
Reporting Principles
The Report is prepared in both Chinese and English versions. In case there is any discrepancy between them, the Chinese
version shall prevail.
We have engaged a professional third-party institution to identify current ESG material issues based
You can view and download the electronic version of the Report on the website of the Shenzhen Stock Exchange (www.
on business characteristics, industry analysis, and expert assessment and submitted the results to the
szse.cn) and the Company's website (www.ninestargroup.com).
Company for internal review, to determine the materiality ranking of the ESG issues, which is used as the
basis for ESG report preparation and management enhancement.
Materiality
We have developed a comprehensive and effective ESG governance structure. Under the leadership of
Feedback
the Board of Directors, we have established and continue to improve data collection tools and review
mechanisms through the two-tier governance structure of the "ESG Committee - ESG Working Group".
Where applicable, a comparison between data for this year and previous years is disclosed in the Report
Quantifiability
For questions and feedback regarding this report, please contact us at:
to better inform stakeholders of our ESG management progress.
Address: No. 3883, Zhuhai Avenue, Xiangzhou District, Zhuhai City
Tel: +86(0)756-6258000
The Report presents our ESG performance objectively and impartially, showcasing not only our working
Objectivity achievements but also discussing areas for improvement and future plans on relevant issues. Fax: +86(0)756-8539856
Email: info@ggimage.com
To the extent reasonably feasible, the quantitative information in the Report is measured and disclosed
in a manner consistent with past practices so that stakeholders can analyze and assess our achievements ZIP code: 519060
in different periods. If the scope of data collection changes, the data is updated, or the method of
Consistency measurement is altered, corresponding explanations will be noted for the reference of stakeholders.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
To all stakeholders, Upgrade Corporate Governance and Solidify the Foundation for Sustainable Development
The global industrial landscape has undergone profound adjustment in
development has become the key for companies to navigate economic the MSCI ESG rating of the Company was upgraded to AA from A, which was an international recognition
cycles and achieve long-term growth. Upholding the longtermism that not only validates our past efforts but also serves as an encouragement for us to aim higher in our
philosophy, Ninestar has strengthened its presence in three core business future development. We continue to optimize the two-tier governance structure of the "ESG Committee
segments, namely, laser printers, integrated circuit chips, and compatible - ESG Working Group" and incorporate dual materiality assessment into issues management to achieve
consumables and key components. The Company has incorporated ESG full-process control from strategy formulation to execution. In corporate governance, we have refined
concepts into every aspect of its business operations worldwide, driving our board structure and strengthened the separation of decision-making and execution to enhance
development through innovation and living up to expectations with governance transparency and effectiveness. In business ethics, we have strengthened our anti-corruption
responsible actions. On behalf of the Company's management, I would like risk management system, improved the anonymous reporting mechanism to promote the culture of
to extend our deepest gratitude to our shareholders, customers, employees, integrity. We have always adhered to standardized operations and business integrity, which serves as the
and partners, who have shown unwavering support for Ninestar. cornerstone to provide institutional safeguards for the long-term development of the Company.
Adhere to Innovation-driven Development and Strengthen Core Competitiveness
Uphold Value Co-creation and Assume Our Responsibilities as a Corporate Citizen
Innovation is the key driver for sustainable development. Innovation remains the cornerstone of our long-
Putting people first is the core foundation of Ninestar's sustainable development. We continue to
term strategy. We continue to increase R&D investment, focusing on breakthroughs in core technologies
improve our talent development and training system, upgrade our digital learning platform, and support
and continuous product enhancement. In the printing equipment sector, we have optimized product
employees to achieve career success and realize personal value through diverse training programs and
design and performance based on the needs of users and launched high-quality products that are
on-the-job advanced studies. We are committed to building a fair and inclusive workplace to protect
durable, safe and eco-friendly, breaking down industry barriers with our proprietary core technologies.
the legitimate rights and interests of our employees, and enrich their work-life balance, ensuring all
In the chip sector, we have enhanced research and development on chips with low power consumption
their efforts are recognized and respected. In the realm of social responsibility, we focus on inclusive
and high reliability, and advanced the application of domestic chips in key fields, empowering
education, rural revitalization, and ecological protection. Through various initiatives such as charitable
industrial chain upgrades through technological innovation. We firmly believe that only by building on
donations, collaborative projects and other support programs, we work to promote the balanced
technological innovation can we continue to provide global users with more efficient and intelligent
distribution of educational resources and participated in environmental governance projects, giving back
solutions, solidifying our industry leadership, and injecting new momentum into industrial development.
to society through concrete actions. We firmly believe that the long-term development of an enterprise
depends on employee empowerment and societal support. Only by aligning business values with social
Stay Committed to Green Transformation and Deliver on Our Promise of Low-carbon Development impact can we foster a sustainable ecosystem where all stakeholders coexist and thrive together.
The road ahead is long and arduous; yet consistent progress will get us there. Our accomplishments in
To support the national "Carbon Peaking and Carbon Neutrality" strategy and align with the global
trend of sustainable development, we unveiled our "Printing a Greener Future" ESG strategy and three
technological innovation and seek green transformation, while enhancing our governance systems and
key strategic directions, namely, Responsible Intelligent Manufacturing, Green Reinvention and Value
responsible practices. As we pursue our own development, we also strive to meet the expectations of the
Creation, integrating sustainability concepts across the entire product life cycle. In operations, we
stakeholders. We look forward to joining hands with all stakeholders. Through open collaboration and
continue to expand the application of clean energy, accelerate the implementation of photovoltaic
steadfast responsibility, we will forge a brighter future that is greener, more inclusive and sustainable.
projects and optimize our energy mix. Through process innovation and equipment upgrades, we have
Together, let us turn this shared vision into reality!
reduced resource consumption and environmental impact in our production processes. In products, we
actively advance carbon footprint certification and adopt green design to enhance product recyclability
and resource circularity. In the field of the circular economy, we have established a global recycling
system to promote the proper disposal of electronic waste and the reuse of resources, and taken
concrete actions to reduce our environmental footprint. We always believe that green and low-carbon
development is not only a social responsibility that enterprises should fulfil, but also the key to building Jason Wang
a sustainable competitive advantage for the long term.
President of Ninestar Corporation
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Established in 2000 with its beginnings in manufacturing printing consumables, Ninestar Corporation has consistently Ninestar upholds the corporate mission which is to "fulfill social responsibility, provide exceptional service for our
focused on the research, development, production, and sales of printing and imaging products. Today, the Company has customers, empower employees to realize their career aspirations, and generate value for shareholders". Our founders
emerged as the world's fourth-largest laser printer manufacturer, a leading designer of application-specific integrated established the Company with the conviction that "only when the Company adheres to a strong sense of responsibility
circuits (ASICs), and a global leader in the compatible consumables industry. The Company has been listed on the and mission for the society and the nation will it achieve broad and robust success and create a great brand". Under the
Shenzhen Stock Exchange (Stock Code: 002180) since 2014. guidance of the strategy of promoting sustainable development on all fronts, the Company has continued to incorporate
ESG concepts into its operations and explore the paths for high-quality development. Meanwhile, Ninestar has consistently
Ninestar operates in three core business segments: laser printers and consumables, integrated circuit chips, and printer adhered to responsible business practices and made unremitting efforts in environmental protection, clean technology
core components, achieving comprehensive coverage across the entire printing industry chain. With a global presence application, product quality assurance, supply chain optimization, employee rights protection, and to achieve harmonious
spanning over 150 countries and regions, the Company boasts a portfolio of renowned industry brands including "PANTUM integration of environmental, social, and economic developments.
( 奔图 )", "Geehy ( 极海 )", "APEXMIC ( 艾派克 )", "G&G ( 格之格 )", and "Static Control".
Guided by our core values of "duty, pragmatism, innovation and win-win", we have steadily expanded our business from
For more information about the Company's business operation and financials, please refer to Ninestar's 2025 Annual compatible consumables and printers to integrated circuit chips and beyond, evolving into a distinctive, dynamic, and
Report: https://www.ninestargroup.com/investor-ar.html innovative technology services enterprise.
Duty Innovation
Abide by laws and regulations Innovate boldly
Printer Be honest and dedicated to work Keep exploring new possibilities
Segment
Adhere to professional ethics Seek development through
innovation
Be loyal to the Company's
business
Chip Segment
Pragmatism Win-win
Be an honest person Share difficulties and
success together
Work practically
Play first. Win later.
Pursue results
Af te r m a r ke r
Make achievements
consumables
Segment
Ninestar Corporation 2025 Environmental, Social, and Governance Report
The number of our suppliers that have signed the Commitment Letter on Non-Use of Conflict Minerals in
the Supply Chain has recached 672, with 482 suppliers having completed training related to conflict
minerals.
A total of 8 entities under Ninestar have been certified as high-tech enterprises.
Operating revenue Taxes paid
A total of 10 entities under Ninestar have obtained ISO 45001 occupational health and safety management
RMB 16.515 billion RMB 411 million system certification.
The number of products recalled due to safety or health concerns was 0.
During the Reporting Period
Patents awarded globally R&D investments
Clean technology products generated sales revenue of RMB 7.592 billion, accounting for 46% of total
sales.
Annual self-consumed photovoltaic power generation reached 13,905,980 kWh in 2025, representing
a 109% increase compared to 2024. 8,409,400 kWh of photovoltaic electricity generated have been
added to the grid, and 4,977 green certificates were obtained.
Ninestar has dedicated itself to comprehensive layout and development across the entire printing industry chain,
operating in over 150 countries and regions worldwide. Its business stretches across laser printers and OEM consumables,
printer compatible consumables, printer master SoC chips and consumables chips, non-consumable chips for industrial A total of 8 entities under Ninestar have obtained ISO 14001 environmental system certification.
control, automotive, and other applications, and print management services.
The number of product models that have obtained domestic authoritative environmental certifications
On October 7, 2025, MSCI, a leading global rating agency, announced its latest ESG rating results. Ninestar's ESG rating
(such as energy conservation certification and China Environmental Labeling) reached 16,281, while the
was upgraded from "A" to "AA", marking the fourth consecutive year of the Company receiving ESG rating upgrade since
number of product models that have received internationally recognized environmental certifications (such
its "B" rating in 2022. The upgrade reflects that Ninestar's systematic efforts and ongoing progress in ESG practices have
as EPEAT, Blue Angel, Nordic Swan Ecolabel, Energy Star, etc.) hit 828.
earned wide recognition from global capital markets, demonstrating its steadfast commitment and solid achievements in
embedding sustainable development concepts into its strategy and operations.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Guided by responsible products, strengthen
Since its founding, Ninestar has upheld responsible operations, striving to create enduring environmental, social and
occupational health and safety management Responsible Products
economic value across multiple domains including environmental protection, clean technology application, product
and implement product responsibility and
quality, employee responsibility, supply chain development and Guided by our comprehensive sustainability philosophy, Occupational Health and Safety
production safety requirements throughout
we have continuously deepened the integration of ESG principles into business operations and management system as an
the entire manufacturing process,
important driving force for promoting high-quality development.
consolidating the foundation for stable and
Centered on the "Printing a Greener Future" sustainable development vision, the Company has set out its strategic sound operations.
priorities for future development, forming three major strategic directions, namely, Responsible Intelligent Manufacturing,
Green Reinvention and Value Creation. In the strategic planning and prioritization process, we aligned our efforts with
China's carbon reduction targets and action plans for the 15th Five-Year Plan period, responded to the national call to Green Reinvention
cultivate and develop new quality productive forces, and adhered to the latest sustainability guidelines and directives from
the Shenzhen Stock Exchange. We also actively followed the global sustainable development trends, and continuously Centered on green product development
improved the strategic framework for sustainable development with reference to the United Nations Sustainable and e-waste recycling infrastructure Green Products
Development Goals (SDGs) and the disclosure standards of the International Sustainability Standards Board (ISSB). construction, promote efficient resource
utilization and environmental management Electronic Waste Recycling
In 2025, under the framework of the three major strategic directions, the Company reviewed and prioritized relevant ESG
throughout the product life cycle, constantly
issues based on the results of its double materiality assessment and its own business characteristics. By further clarifying
lowering the environmental impacts during
the priority issues under each strategic direction, the Company established an alignment and synergy mechanism between
the operations.
the implementation of its sustainable development strategy and the management of priority issues.
We firmly believe that ESG and corporate high-quality development are mutually reinforcing and complementary. By
implementing ESG principles in key processes such as planning, operations, and decision-making, the Company strives Value Creation
to strike a balance between business development, environmental protection and social responsibility. Looking ahead,
Ninestar will continue to enhance its ESG management capabilities and practices, injecting long-term momentum into its Through strengthening human capital
steady growth, improving its business and social value, and laying a solid foundation for sustainable development. development and improving corporate Human Capital Development
governance mechanisms, enhance
organizational capabilities and governance Corporate Governance
Responsible effectiveness, thereby creating sustainable
Intelligent value for the long-term steady development
Manufacturing of the Company.
Printing
a Greener
Future
Green Reinvention Value Creation
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Reaching New Heights: First ESG Report:
In April, we unveiled our "Printing a Greener Future" ESG strategic goals and three key strategic directions, marking In June, we issued our first ESG Report (2021 ESG Report), which was published bilingually in Chinese and
our advancement toward higher management maturity. English right from its first edition.
Another Rating Upgrade: Initial Gap Analysis:
In October, the MSCI ESG rating of the Company was upgraded from A to AA, reflecting our progress in sustainability In July, we benchmarked ESG practices of leading enterprises in international and domestic markets,
management, priority issue response and execution. conducted gap analysis, and implemented targeted improvements to address management deficiencies.
Setting the Directions: Board Engagement:
In December, the Company strategically categorized and prioritized key ESG issues under the three major strategic In December, we established a Board-level ESG Special Committee, defining its membership composition,
directions, promoting the coordinated implementation of its sustainable development strategy and issue responsibilities, authority, and decision-making procedures.
management.
Renewed Recognition: Routine Management:
In December, our MSCI We implemented an internal ESG enhancement plan guided The establishment of
ESG rating was upgraded by the two major ESG goals of "strengthening internal the "Ninestar Angel
from BBB to A, marking management and improving external evaluation". Tailored ESG Love Fund" aims to
another affirmation of improvement solutions were developed for all organizational 2018 2017 aid underprivileged
our sustainability efforts levels and business units, fully incorporating operational children suffering
and demonstrating our management requirements to effectively institutionalize ESG Ninestar was The "Ninestar Angel Love from leukemia.
steadfast commitment to management practices. included for the Fund" was renamed as the
social responsibility as well first time in the "Ninestar Angel Love Plan",
as our determination for Focused Advancements: MSCI ESG rating, through which we have
continuous improvement. achieving a B carried out philanthropic
Identifying high-relevance priority issues such as "clean
rating. projects in critical areas
technology opportunities" and "e-waste management", we
including medical aid
implemented two comprehensive rounds of ESG management
for serious illnesses,
enhancement to address identified gaps by benchmarking
educational assistance,
against industry best practices under the leadership of our
environmental protection,
President.
and education.
First Recognition:
In December, our MSCI rating was upgraded from B to BBB.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
and its subsidiaries, responsible for coordinating, planning,
implementing, and supervising the Company's ESG activities to
Ninestar has established a board-led ESG governance framework with multi-tier oversight, creating a full-process closed- ensure the ongoing advancement of our ESG governance.
loop management system that integrates decision-making, communication, and practical implementation. Under the
board's leadership, our "ESG Committee - ESG Working Group" structure effectively identifies and assigns ownership The Company's President serves as the ESG Working Group Leader, Developing
of key ESG topics to relevant internal departments, clearly defining their responsibilities and establishing standardized with heads of various business units appointed as the ESG Working improvement
requirements for ESG improvement plans. This systematically integrates ESG principles into business operations. ESG Working Group Deputy Leaders. Personnel seconded from such business actions
Group units and subsidiaries form the core membership. A Group ESG
Coordination Team has been established as a facilitating body,
regularly reporting ESG progress to the ESG Working Group Leader
while providing internal ESG advisory services to all business units
and subsidiaries.
ESG Governance Structure of Ninestar
Regularly record, collect, and report ESG-related Information.
Responsible for conducting measures that can improve the
Board of Directors Implementing
Company's ESG in daily operations. improvement
Decision-Making Level ESG Committee Various Business measures
Units Organize and implement daily management activities related to ESG
research, training, communication, and dissemination.
ESG Working Group Leader (President of the Group)
For information about ESG management policies, please refer to the sections on various ESG issues on Ninestar's official
Management Level ESG Working Group Deputy Leaders (Heads of Subsidiaries) website (https://www.ninestargroup.com/esg.html).
Various Departments
Group ESG ESG Working Group
at the Headquarters To continuously advance its ESG management, Ninestar has consistently strengthened communication mechanisms
Execution Level Coordination Team of Subsidiaries
of the Group and capacity building related to sustainable development. Employees at all levels actively participate in the annual ESG
working meetings and discuss and develop ESG strategies that align with our business characteristics under the guidance
and coordination of the ESG Committee, crafting ESG management enhancement action plans and phased goals for
various business units.
External communications
The Board of Directors, serving as the highest governance body,
participates in formulating ESG strategies, oversees the Company's Designing top- The Company has established a dedicated communication mechanism on ESG topics. It maintains an active
ESG developmental direction and strategies, and regularly discusses level strategy dialogue with ESG rating agencies, ESG investment institutions, and leading enterprises in the industry
Board of Directors and reviews the risks and opportunities related to ESG development. regarding ESG trends, management enhancement, and regulatory updates to learn from their experiences
and enhance our ESG management capabilities.
The ESG Committee is primarily responsible for setting the Company's Internal capacity building
sustainable development goals and development plans. It supervises
the operation of the sustainable development systems across various
business units, providing suggestions and solutions for improving In 2025, we conducted two internal ESG training sessions and four internal ESG knowledge-sharing sessions,
the Company's sustainable development performance. The ESG encompassing all major subsidiaries of the Group. The ESG training sessions cover the latest ESG trends,
Committee members come from diverse backgrounds with extensive
Coordinating industry best practices, rating management standards, and company improvement action plans to deepen
industry experience, covering areas such as corporate management,
ESG activities the employees' understanding of ESG concepts and requirements. For ESG-related operational tasks such as
information collection, factory audits and related matters, we also provided targeted training and focused
ESG Committee
financial management, and risk management. This diversity provides
various professional perspectives and risk preferences, enabling the discussions for relevant employees, continuously enhancing employees' professional capabilities in ESG
Company to better manage complex ESG risks and seize development management and execution and consolidating the foundation for ESG implementation.
opportunities.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
We have developed a diversified communication mechanism, establishing close ties with stakeholders through a combination of online and offline interactions and actively responding to their expectations through communication and cooperation.
Government and
Stakeholders regulatory authorities Investors Employees Consumers Suppliers Distributors Partners Media Public
• Continuous value
creation • Protection of basic
• Open, fair and just
• Implementation of • Prevention of operation rights and interests of
• Information security and procurement • Conduct cooperation
macro policies risks employees • Win-win cooperation
privacy protection • Strengthen the
• Insist on integrity • Responsible products • Response to public
• Employment promotion • Protection of • Employee care • High-quality products communication and
• High-quality products and management opinions
shareholders' rights and and services • Product optimization exchange
• Lawful and compliant • Occupational Health services • Long-term and stable and innovation • Information
Their concerns
operation interests and Safety • Support the public
cooperation • Abide by business Publication
• Localized products and • Business ethics and welfare
• Corporate sustainable • Good information • Employee training ethics
services • Support the supplier anti-corruption
development disclosure and occupational
growth
• Corruption-free development
business environment
• Strengthen the information
• Establish a fair and just
security and privacy
• Strictly abide by the remuneration system
protection measures
laws and regulations of • Care to special
• Comply with relevant • Develop a quality
each place where we employees • Establish fair • Expand cooperation • Strengthen the
laws and regulations management system, and
operate and transparent and exchange industry-university-
• Hold general meetings • Strengthen the ensure smooth service
• Conduct integrity construction of procurement principles channels research project
of shareholders networks
management and pay and processes cooperation
occupational health and • Keep product and • Keep the
taxes in accordance with • Regularly disclose • Set up consumer feedback • Strengthen the public
safety management • Advocate for a service feedback • Provide support to communication
the law operating and financial channels opinion monitoring
system sustainable supply chain channels open educaiton universities channels open
information
Our daily
• Participate in the • Conduct product • Maintain
communication • Establish a long- • Carry out ESG • Strictly abide by the • Enhance the • Organize social welfare
planning, research and • Regular and daily satisfaction survey and communication with
and responses term talent training management of supply laws and regulations product innovation activities and volunteer
formulation of policies communication with feedback the media
mechanism chain of each jurisdiction consciousness activities
investors • Cultivate the local where we operate
• Accept supervision and • Conduct employee • Carry out regular • Maintain regular
assessment • Strengthen the market, and continue the
satisfaction surveys communication with • Strict review and or irregular
compliance and internal technological innovation
• Sustainable and training of suppliers certification communication
control system • Provide anonymous
development through • Introduce policies to
channels for collecting
lean management combat counterfeit and
reasonable employee
shoddy products in the
demands
market
Ninestar Corporation 2025 Environmental, Social, and Governance Report
The latest guide issued by the Shenzhen Stock Exchange further clarifies and emphasizes the double materiality principle
that gives equal weight to impact materiality and financial materiality. Accordingly, in this year's ESG management and
disclosures, Ninestar has introduced the double materiality assessment method and placed greater emphasis on the
overall performances of the ESG issues on the two dimensions, namely, the impacts on the external environment and
stakeholders, and the financial effects on the operations and value creation of the Company. Step 3 Step 4
During the assessment process, in alignment with both GRI standards and Shenzhen Stock Exchange Requirements,
Ninestar evaluated and analyzed 17 identified ESG issues from the perspectives of impact materiality and financial
materiality, in a bid to identify key issues that could positively or negatively affect corporate value/ These insights serve as Reviewing and confirming materiality
a foundation for ESG strategy development, issue prioritization, and decision-making. Conducting double materiality issue analysis issues analysis results
Ninestar has established a diversified ESG Based on internationally recognized
communication system, engaging in in- sustainability reporting standards,
questionnaire surveys, interviews, focus groups global peers, and recommendations
and other methods to collect their key concerns from ESG professional advisors, we
and evaluative feedback on ESG key issues. On re-examined the results of materiality
this basis, and in accordance with relevant ESG issues analysis and developed a
reporting guidelines, the Company conducted review checklist for the results of
a double materiality analysis on identified ESG materiality issues analysis.
issues:
Meanwhile, after internal review
Step 1 Step 2 Impact Materiality Assessment: Based on the and confirmation, Ninestar's
factors such as scale, scope, irremediability, double materiality issues and their
and likelihood of the potential positive and assessment results for the current
negative impacts of ESG issues and taking into year were determined.
account the results of stakeholder surveys and
Identifying Identifying and updating the ESG issues list
expert scoring, we derived our conclusions on
the company's
Based on the existing material issues list and taking into account multiple
impact materiality.
business activities
and stakeholders internal and external factors, Ninestar systematically reviewed and updated
its ESG issues, forming an ESG issue list that reflects the actual circumstances Financial Materiality Assessment: We identified
Ninestar reviewed its of its business. The specific analytical dimensions include: risks and opportunities related to ESG issues
principal business and analyzed their potential impacts the
activities and their Policy and Regulatory Trend Analysis: Aligning with national strategies, Company's business operations, financial
positions in the value we conducted an in-depth study of applicable national and local policies condition, and operating results. By setting
chain, encompassing and regulations and industry regulatory requirements, to identify key qualitative thresholds, we assessed whether
both upstream sustainability issues within the industry. these factors could have a significant financial
and downstream impact.
operations, and Corporate Development Planning Analysis: We identified issues critical to
clarified the types and the Company's growth in the medium and long term in accordance with its
nature of different business strategies, operational priorities and annual development plans.
business relationships.
Disclosure Standards Analysis: We referenced a range of frameworks,
Meanwhile, the
including the Shenzhen Stock Exchange Sustainability Reporting Guide,
Company identified
GRI Standards, UN Sustainable Development Goals (SDGs), SASB, and ISSB
and confirmed the
Climate-Related Disclosure Standards.
key stakeholders that
may be affected by its Capital Market Focus Analysis: We referenced key issues covered by major
business activities. ESG rating agencies and index providers.
Peer Benchmarking Analysis: By reviewing sustainability reports from
leading domestic and international peers, we identified ESG issues that are
commonly emphasized and prioritized for disclosure within the industry.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Environment Society Governance
Waste management Employees' Rights,
Interests, Diversity Waste management Employees' Rights, Interests, B u s i n e s s Et h i c s a n d A n t i -
and Equity Diversity and Equity corruption
Electronic Waste Recycling
Responsible Supply Chain Management Occupational Health and Safety Electronic Waste Recycling
Occupational Health and Corporate Governance
Green Products Green Products Safety
Water Resources Management Risk Management
Water Resources Responsible Products
Business Ethics and Anti-corruption Responsible Products Management
Impact materiality
Privacy and Information
Privacy and Information Energy Management
Energy Management Security
Security
Ecosystem and Responses to Climate Human Capital Development
Human Capital Development
Biodiversity Change
Conservation Responses to Corporate Governance
Responsible Supply Chain
Climate Change Risk Management Ecosystem and Biodiversity Management
Conservation
Social Welfare
Social Welfare
Financial materiality
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Scope of Impacts Duration of Impacts Nature of Impacts
Materiality Issues Risks Opportunities Impact Levels Sections of the Report
Own Down- Short Medium Long
Upstream Positive Negative
operations stream term term term
Reduce environmental compliance risks and improve operational
Failure to comply with emission standards may lead to regulatory Environment – Emissions and
Waste management efficiency by optimizing production processes and pollution control
penalties, compliance risks, and reputational damage Waste Management
measures
Establish recycling and circular utilization mechanisms to improve
An inadequate recycling system may lead to compliance risks and Environment – Electronic Waste
Electronic Waste Recycling resource efficiency and promote the development of the circular
disputes over environmental liability Recycling
economy
Inadequate green design may dampen product competitiveness and Promote the R&D of energy-saving products with low material
Green Products Environment – Green Products
market recognition consumption to enhance brand value and achieve product differentiation
Low water use efficiency may increase operating costs and exacerbate Improve resource efficiency through water-saving processes and water Environment – Water Resources
Water Resources Management
regional water resource pressure recycling measures Management
Energy price fluctuations and high energy consumption increase cost Enhancing energy efficiency and using clean energy help lower long?term Environment – Energy
Energy Management
pressure operating costs Management
Extreme weather events and green transition policies may affect Climate risk identification and low-carbon transition help enhance Environment –Responses to
Responses to Climate Change
production stability and cost structures corporate resilience Climate Change
Ecosystem and Biodiversity Production activities may impact the surrounding ecological Strengthen the management and control of ecological risks to enhance Environment – Ecosystem and
Conservation environment, leading to compliance and reputational risks the reputation of the Company in corporate environmental responsibility Biodiversity Conservation
Employees' Rights, Interests, Improper management may lead to labor compliance risks and Society - Employees' Rights,
Build a fair and inclusive workplace to enhance employee cohesion
Diversity and Equity employee attrition Interests, Diversity and Equity
Employees' Rights, Interests, Workplace safety incidents could lead to employee injuries and business Society - Occupational Health and
Strengthen the safety management system to ensure stable operations
Diversity and Equity interruptions Safety
Product quality or safety issues may lead to customer complaints and
Responsible Products Enhance product reliability and safety to gain customer trust Society - Product Responsibility
legal disputes
Privacy and Information Strengthen information security governance to bolster trust from Society - Privacy and Information
Data leakage may lead to legal, regulatory, and reputational risks
Security customers and partners Security
Insufficient talent cultivation could hinder technological innovation and Strengthen the construction of the training and development system to Society - Human Capital
Human Capital Development
business expansion maintain long-term competitiveness Development
Responsible Supply Chain The Company may be exposed to compliance risks arising from its Build a robust and compliant supply chain system to strengthen supply Society - Responsible Supply Chain
Management suppliers chain resilience Management
Improper project management may negatively affect social benefits and Actively fulfill social responsibilities to enhance the corporate image of
Social Welfare Society - Social Welfare
public perception the Company
Business Ethics and Anti- Improper conduct could result in legal consequences and reputational Strengthen the integrity and anti-corruption system to foster a fair and Governance - Business Ethics and
corruption loss transparent business environment Anti-corruption
Inadequate corporate governance structure may affect decision-making Improve corporate governance mechanisms to support the Governance - Corporate
Corporate Governance
efficiency and compliance implementation of the sustainability strategy Governance
Risk Management Inadequate risk identification could magnify operational uncertainty Systematic risk management helps enhance operational resilience Governance - Risk Management
Positive Impacts Negative Impacts
Threshold (RMB'0000) Impacts Levels Threshold ( RMB'0000) Impacts Levels
＜ 370 ＜ 370
＞ 3,700 ＞ 3,700
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Against the backdrop of globalization and sustainable development, ESG factors are crucial for measuring corporate
governance. We believe that optimizing corporate governance means more than compliance with laws and regulations.
will drive the overall advancement of corporate governance, reduce operational risks, and deliver steady long-term
Ninestar has always adhered to the principles of transparency, accountability, and sound corporate governance. We
corporate growth.
strictly comply with the requirements of relevant laws and regulations such as the Company Law, Securities Law, and
Code of Corporate Governance for Listed Companies. In 2025, based on the Company Law and related supporting rules, as
well as the latest regulatory requirements such as the Guidelines for the Articles of Association of Listed Companies , the 6.1.3 Impacts, Risks, and Opportunities
Company reviewed and optimized its governance structure and internal management systems, promoting the alignment
of corporate governance with regulatory requirements. The prescribed powers previously exercised by the Board of
Supervisors were transferred to the Audit Committee of the Board of Directors, and the Company will no longer set up 6.1.3.1 Board of Directors
a board of supervisors or supervisory positions. Through the revision and improvement of the Company's articles of
Ninestar's Board of Directors operates in strict accordance with the relevant provisions of the Articles of Association, the
association and related governance systems, the Company further solidified the governance system foundation centered
Rules of Procedure of the Board of Directors and the Independent Director System , and performs its decision-making
on the Board of Directors and its specialized committees, continuously improving the level of standardized operation and
and supervisory duties in accordance with the law. In September 2025, the Company completed the change of the Board
governance effectiveness.
of Directors and elected the members of the eighth session of the Board of Directors. The Board of Directors consists
Our Board of Directors is fully responsible for corporate business operations and strategy development, and supports of nine directors, including six non-independent directors (including one employee representative director) and three
the standardized and efficient performance of the Board of Directors through its professional committees. The Company independent directors.
constantly learns from the domestic and international governance and ESG practices and continuously improves the ESG
In order to continuously improve the governance level of the Board of Directors, the Nomination Committee of the Board
management and corporate governance system in accordance with internationally recognized rating standards.
of Directors regularly pays attention to the composition and diversity of the board members, and takes into account
various factors such as gender, age, nationality, cultural and educational backgrounds, professional experience, skills
and knowledge structure, industry experience, independence and term of service in the selection of directors and senior
General Meeting of Shareholders
management. In 2025, the Company further optimized its governance structure. One additional female director was
appointed to enhance the level of gender diversity on the Board of Directors. In addition, the position of president is no
Board of Directors longer held concurrently by a director, effectively separating decision-making from executive functions. These adjustments
further strengthen the independence and supervisory functions of the Board of Directors, and provides a more solid
governance foundation for the sound operation of the Company.
Remuneration At the same time, the Company attaches great importance to the development of the directors' performance
Strategy Nomination Audit and ESG capabilities. By participating in special training organized by stock exchanges and industry associations, the directors
Committee Committee Committee Evaluation Committee have continuously deepened their understanding of corporate governance, regulatory policies, financial compliance,
Committee risk prevention and control and ESG management, and continuously improved their performance performance and
governance proficiency.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Number of 6.1.3.2 Information Disclosure
the boards
of listed
Remuneration
Educational
companies
Strategy and Nomination ESG Audit The Company strictly abides by the laws and regulations of the CSRC
No. Role Name Gender where the Focus areas
background
director
Committee Evaluation Committee Committee Committee on information disclosure and the Information Disclosure Management
Committee
served System , standardizes the work related to information disclosure,
(including
Ninestar) and earnestly fulfills the information disclosure obligations of listed During the Reporting Period, the Company
Strategy companies. The Company adheres to the principles of truthfulness, disclosed
development/ accuracy, completeness and timeliness in information disclosure, with
Wang
Dongying
Male Bachelor 1
corporate
governance/
√ √
no false records, misleading statements or material omissions during
the Reporting Period.
talent
development By publishing announcements and reports on statutory information
Corporate disclosure platforms such as China Securities Journal, Shanghai
Zeng operation/
Yangyun technical
have fulfilled our information disclosure obligations in a unified of periodic
consulting
Corporate
manner to ensure fair and timely transmission of relevant information
to all shareholders. Meanwhile, the Company maintains continuous
reports 223
Kong operation/ temporary announcements
√ √
Dezhu
Male Bachelor 1
business
management
and smooth communication with investors through telephone
communication, performance briefings, investor interaction platforms
disclosed
Public and investor surveys and actively responds to investors' concerns.
Wang relations/
Yonghua
Male Master 1
financial
√ √
management 6.1.3.3 Investor Relations
The Company continues to strengthen communication and interaction with investors through multiple channels, and
Cheng Corporate
Yiling
Female Bachelor 1
operation
√ √ √ attaches importance to the rights of investors, especially minority shareholders, to information and participation. Through
online performance briefings and investor interaction platform "Easy Interaction", the Company responds to investors'
concerns about operation, governance and development in a timely manner, and promotes the market's understanding of
Meng Strategy the Company's operation.
Qingyi
Male Master 1
consulting
√
On the basis of information disclosure compliance, the Company continuously improves the effectiveness of investor
Financial
communication. In addition to disclosing regular and temporary announcements in accordance with the law, the Company
Independent Zheng management/
director Guojian
Male Doctor 2
risk
√ √ √ also maintains daily communication with investors through various communication channels, such as the Company's
management official website, social media, investor relations mailbox and telephone, to answer investors' questions and help investors
Legal fully understand the Company's business dynamics and governance arrangements.
Independent Xiao consulting/
director Yongping
Male Doctor 2
risk
√ √ In terms of protecting minority shareholders, the Company has continuously improved its governance mechanism and
management market communication. At the level of corporate governance, we optimize the internal supervision and decision-making
Artificial mechanism, provide institutional protection for minority shareholders, strengthen the supervision function of the Audit
Independent Wang intelligence Committee under the Board of Directors, and improve the performance mechanism of independent directors to strengthen
director Guoyou
Male Master 1
and
√ √ √ √
the oversight role of independent directors in related party transactions, fund utilization and other matters. Meanwhile,
automation
through share repurchase and cancellation, the Company conveys stable expectations to the market and enhances
Proportion of independent directors 20% 67% 67% 33% 67% investor confidence.
In 2025, the Company held Through the " Easy Interaction" platform, more than
General Meeting of Shareholders Board of Directors
Number of meetings
held (time)
In 2025, the Company Hosted over Over Maintained active
disclosed engagement with
Number of proposals
approved (item)
investor research events across online and offline events sell-side institutions
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Aiming to build a fair, reasonable, and competitive compensation system, we have formulated the Comprehensive In accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock
Compensation Management System , thereby facilitating the achievement of our strategic objectives by attracting, Exchange and following the basic principles of risk management and internal control, the Company has established a risk
motivating, and retaining talent. and internal control management system jointly composed of the Audit Committee, Internal Audit Department and Legal
Affairs Department. Two independent directors on the Audit Committee possess professional risk management expertise.
The Company has closely tied its core personnel to the long-term corporate performance, guiding the core staff to focus The Audit Committee quarterly reviews the relevant internal audit work in the Company and reports to the Board of
on the Company's long-term interests and stable and sustainable development. The Company implemented differentiated Directors.
incentive tools based on the value contributions of different groups of people. In addition to the equity incentive plan, the
Company implemented the first phase of the business partnership program in 2024. The variable compensation of the
Company's directors and senior management is determined by the annual performance results. The Company is studying 6.2.2 Strategies
and considering incorporating sustainable performance as a component of the performance appraisal and linking it to the
compensation. The Company and its subsidiaries have established robust internal control and risk management system. The core
systems include the Internal Audit Policy, Internal Control Management Policies, Internal Control Risk Matrix and Risk List,
The Company has formulated the Compensation Management System for Directors and Senior Managers of Ninestar Compliance Management Policies and External Investment Management Policies. We advance and implement our risk
Corporation , improved the compensation restraint and risk prevention and control mechanism, and clearly established management strategies through a structured process including risk identification, risk assessment, risk priority ranking,
provisions for deferred payment as well as cessation of payment and recovery clauses. Based on the characteristics of formulation of risk response strategies, risk monitoring and reporting, risk communication and training, and emergency
the industry and the business model, the Company has set up a deferred payment mechanism for the performance- plan formulation.
based compensation of directors and senior managers to clarify the applicable circumstances, the scope of applicable
personnel and the implementation arrangements. The Company has the right to decide not to pay, deduct or recover
the performance-based compensation, medium and long-term incentive income and salary paid during the relevant
period through the deliberation of the Board of Directors (with interested directors abstaining from voting) or the general
shareholders' meeting for the personnel who are found to have major violations of laws and regulations, seriously 6.2.3.1 Risk Management
damage the interests of the Company or be publicly condemned by the regulatory authorities during their term of office
The Company continues to improve its compliance and risk management system and promote the integration of risk
or after their resignation. Furthermore, if the financial report is retroactively restated due to financial fraud and other
management with corporate governance and business operations. In 2025, focusing on compliance and risk management,
misstatements, the Company will recalculate the performance-based salary and medium and long-term incentive income
the Company coordinated and promoted related work from three aspects, namely, policy and system development, audit
of relevant personnel, and recover the overpaid amounts, so as to further strengthen the linkage mechanism between
supervision and risk investigation, awareness enhancement and ability training, to consolidate the foundation of risk
remuneration and compliance responsibility.
management.
In addition, based on our existing ESG management system, we have disaggregated the overall ESG management into
With the development of internal control and compliance management system as the core, the Company systematically
various departments and subsidiaries, and urge departments to integrate the requirements for sustainable development
streamlines and optimizes the risk control nodes in key business processes, and embeds compliance management
into their current responsibilities. By establishing the mechanism that links performance appraisal with compensation,
requirements into the overall management and control of subsidiaries, and continuously improves the coverage and
we associate certain ESG indicators with employee rankings and promotions, aiming to stimulate the motivation of all
effectiveness of risk management and control. In terms of audit oversight, the Company conducts inspections on the
employees.
implementation of business processes and compliance status, identifies management weaknesses and potential risks,
analyzes identified issues, proposes targeted rectification recommendations, and meanwhile adopts an "audit-as-training"
enhance their compliance awareness and risk prevention and control capabilities.
In addition, the Company continues to engage third-party professional institutions to conduct independent audits of
financial reporting and internal control systems in order to enhance the independence and objectivity of risk management
Targets Progress and internal control.
Enhance information disclosure
transparency
Implement comprehensive compensation
and performance management Completed
Protect minority shareholders' interests
Improve the coverage rate of compliance
training
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Under the overall risk management framework, the Company uses internal control and audit supervision as key means
for risk identification and management control, continuously improving the internal control audit mechanism. During the
Reporting Period, with operations and control at its core, the Company formulated and implemented an annual internal
control audit plan oriented toward risk identification and prevention. It conducted operational management audits
and special internal control audits for its subsidiaries and business units, focusing on high-risk areas and key business
processes, and promoted the application of audit findings in corrective actions and management optimization.
The Company engages a professional third-party institution to conduct an independent audit of its internal control
management system and issue the Internal Control Audit Report. The audit results show that the Company has established
a relatively complete and effective internal control management system, with systematic internal controls and necessary
internal supervision mechanisms at both the corporate and business process levels. This provides reasonable assurance
for the legality and compliance of the Company's operations, asset security, truthfulness and integrity of financial reports
and related information, improvement of operational efficiency and effectiveness, and achievement of development
strategies. The 2025 internal control audit report was issued with a standard unqualified opinion.
In terms of audit coverage, the Company has established a rolling audit mechanism with a 2–3 year cycle to achieve full
coverage of all operating sites. Within each audit cycle, routine audit projects cover basic compliance and operational
aspects of each site, and targeted special audits are conducted for high-risk areas and key businesses based on actual Anti-unfair Competition Training Site Risk Management Training site
conditions.
At the same time, the Company values the professional competence building of internal control audit personnel.
Combining annual internal control self-assessments, special audits, and routine audits, it carries out training and
exchanges on internal control and auditing through online and offline channels, continuously improving the internal
control awareness and professional capabilities of relevant personnel. During the Reporting Period, the Company 6.2.4 Metrics and Targets
organized 21 training and exchange sessions on internal control audit and compliance management, with over 500
person-times. The training covered internal control management, system standardization, key process reengineering, and Progress
authority compliance control.
Continuously increase the frequency of
and expand audit coverage. Extend the
Focusing on preventing unfair competition, the Company continuously improves its compliance management system and compliance management system to
promotes the implementation and execution of the system at the Group and major business divisions. At the Group level, By 2025, ensure the effective operation of
acquired subsidiaries, driving them to
the Company clarifies anti-bribery management norms through the Integrity and Self-Discipline Management System , and compliance management, improve the
align with the Group's management and
sets corresponding disciplinary measures for violations of confidentiality provisions in the Employee Conduct Reward and frequency and coverage of compliance
control standards
Punishment System , providing an institutional basis for preventing unfair competition. audits, continuously increase the compliance
training coverage among employees, and
achieve "full-staff compliance" Organize training and practical guidance
At the business level, Pantum has defined clear In terms of control measures, during the review of fo r re l e va n t p e r s o n n e l to e n h a n ce
compliance boundaries and specific behavioral commercial contracts, the Company focuses on compliance and risk awareness
norms regarding unfair competition, anti-monopoly, risks related to unfair competition, including anti-
anti-bribery, and trade secret protection through monopoly, anti-bribery, and trade secret protection.
i n st i t u t i o n a l d o c u m e n ts s u c h a s t h e Pa n t u m In the compliance review of product packaging and
Compliance Red Lines and the Employee Integrity advertising, it prevents compliance risks such as false
and Compliance Handbook . Lingfan, targeting its advertising and trademark infringement. At the same
e-commerce business module with relatively high time, the Company signs integrity and self-discipline Targets
unfair competition risks, has established standard agreements with business partners to convey anti-
Progress
operating procedures (SOPs) for e-commerce product bribery compliance concepts and requirements to
releases and promotes implementation through them. Furthermore, by entering into labor contracts By 2026, empower the Company's compliant
In progress
meetings, emails, and other means to strengthen the containing confidentiality clauses or separate operations and enhance the Company's
application of compliance requirements in business confidentiality agreements with employees, the compliance reputation
execution. Company further regulates employee conduct and
strengthens the protection of trade secrets.
During the Reporting Period, there were no lawsuits filed against the Company for unfair competition or major
administrative penalties.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar takes compliant operations as its compliance bottom line, integrating integrity and anti-corruption requirements
Ninestar conducts multiple thematic audits across all business units annually and performs comprehensive audits of all
into daily management and business operations, and explicitly opposes any form of improper benefit diversion or
business operations every three years. The annual thematic audits encompass areas such as business ethics and anti-
misconduct. Regarding business ethics, the Company continuously improves its institutional framework, refines codes of
corruption.
conduct, optimizes key processes, and strengthens employees' compliance awareness and professional ethics through
regular training. On this basis, the Company extends relevant requirements to its supply chain and partners, encouraging In 2025, we systematically integrated business ethics requirements into internal audit work arrangements, embedding
all parties to jointly abide by transparent, fair, and integrity-based market rules, and fostering a healthy and orderly business ethics audits into multiple audit projects including procurement, after-sales service, and human resources. The
business environment. audit content focused on areas closely related to business ethics, such as supply chain responsibility, consumer rights
protection, and employee rights and labor relations.
Ninestar abides by relevant national laws and regulations such as the Anti-Monopoly Law of the People's Republic of
China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as relevant provisions including Ninestar carried out business ethics and anti-corruption risk assessments, using the results as an important basis for
Regulations on Strengthening the Internal Audit of Enterprises, the BSCI Code of Conduct , and the RBA Code of Conduct . formulating the annual audit plan. The Company focused on fraud risk and third-party partnership risk. By reviewing
It has formulated the Integrity and Self-Discipline Management System, Procurement Management Regulations, Supplier relevant systems and business processes, analyzing abnormal transaction data, and interviewing business and financial
Management Regulations , and Ninestar Anti-bribery and Anti-corruption Management Syste m and other management personnel, it systematically identified potential business ethics risk points.
systems, aiming to clarify the ethical standards and management requirements for all employees and suppliers.
At the same time, the Company strengthened the identification and management of business ethics risks for key personnel
Ninestar has established a business ethics governance structure with hierarchical accountability and coordinated through self-inspection and self-assessment questionnaires on integrity and self-discipline for managers. During the
implementation. At the management level, the Audit Committee and the Integrity and Self-Discipline Committee jointly Reporting Period, the self-inspection and self-assessment covered department heads of the Group and subsidiaries, as
lead and supervise the Company's anti-bribery, anti-corruption, and anti-fraud efforts, strengthening the integrity culture well as some key position holders, covering 321 participants. No specific risk areas or business ethics issues were found.
development and system enforcement. At the execution level, the Human Resources Department, Audit Department,
and the Office of the Integrity and Self-Discipline Committee are specifically responsible for implementing and managing
business ethics measures, forming a governance mechanism that combines decision-making supervision with execution.
During procurement and business
Continuously improve the anti-
cooperation, the Company engages multiple
bribery and integrity-based
stakeholders in complex transaction practice system, clarifying
processes, which may expose it to risks of violation scenarios and
commercial bribery and benefit diversion. accountability mechanisms.
Industry-
specific risk Conduct regular compliance
guidance and training to
Driven by performance appraisals enhance employees' legal
Human Resources Audit Committee & or personal interests, individual awareness and professional
ethics.
Employee
Department & Audit Integrity and Self- conduct risk employees may engage in conduct
Department & Office of discipline Committee that violates business ethics. Strengthen internal audit and
the Integrity and Self- supervision mechanisms,
Responsible for designating dedicated
discipline Committee Executive Management
level
supervising the departments to coordinate
level
Responsible for the construction of leading compliance management.
Some partners may engage in unfair
implementation and and an anti-bribery, Partner risk competition or bribery, exposing Establish accessible reporting
execution of business anti-corruption and
the Company to legal liabilities and and appeal channels, and
ethics management anti-fraud culture implement whistleblower
reputational damage.
measures. within the Company. protection measures.
Regulatory
Integrate compliance
requirements into partner
compliance
As the regulatory environment continues to access and management
risk
evolve, the Company needs to continuously processes, implementing
Ninestar Business Ethics Governance Structure compliance due diligence and
monitor legal updates to prevent risks
continuous assessment.
arising from insufficient compliance.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar has established a comprehensive anonymous reporting mechanism, ensuring efficient handling of corruption
Ninestar continuously fosters a culture of integrity to promote compliant internal management, reduce corruption and
cases while safeguarding the confidentiality of whistleblowers' information in accordance with the Integrity Reporting
irregular practices, and prevent resource waste and legal risks arising from poor management. During the Reporting
Period, no director, management personnel, or employee was dismissed, disciplined, investigated by relevant authorities,
System .
or had contracts with business partners terminated or not renewed due to commercial bribery or corruption. Nor was the
Company involved in any litigation related to commercial bribery or corruption.
Report handling process
The Human Resources The Audit If the report is substantiated, Cases involving
Department records Department rewards are granted to the illegal activities
the report and informs intervenes and whistleblower in accordance are transferred to
the Integrity and Self- investigates. with the reward and punishment judicial authorities for
discipline Committee. management regulations. processing.
Reporting channels
Promoting supplier integrity
Dedicated phone line: 0756-6258192 Fax: 0756-8539856
The Company incorporates anti-bribery and
anti-corruption requirements into its supplier Dedicated email: lianjiezilv@ggimage.com Physical letterbox: In various locations QR code
management system, requiring all suppliers within the Company
to comply with relevant laws, regulations, Reporter protection measures
and the Company's integrity and compliance
requirements, and to formulate corresponding
The Company accepts anonymous reports The Company stipulates that personnel responsible for integrity
anti-corruption policies or codes of
and also encourages real-name reports to and self-discipline management must strictly maintain the
conduct. Anti-corruption requirements are
facilitate timely feedback on investigation confidentiality of the whistleblower's identity information and
an important part of supplier access and
progress to the whistleblower. related materials.
onboarding cooperation. The Company
verifies the implementation of suppliers' The Company commits to strictly protecting It is clearly stipulated that information such as the whistleblower's
anti-corruption policies through supplier the whistleblower's personal information name, unit, department, position, and contact details may only
compliance commitments, onboarding and all legitimate rights and interests, be used for investigation and evidence collection or for providing
reviews, and continuous evaluations, and and to preventing false accusations and feedback on case outcomes, and shall not be used under any other
provides reporting channels for suppliers and retaliation. circumstances.
related parties to prevent commercial bribery For any conduct that infringes upon the whistleblower's legitimate rights and interests, the Company will impose
and misconduct risks. disciplinary actions ranging from removal from office to termination of the labor contract, depending on the severity
Integrity training
During the Reporting Period, the Company of the case; if suspected of violating the law, the case will be transferred to judicial authorities for legal prosecution.
Meanwhile, the Company provides regular
integrity training to its partners annually organized 2 anti-corruption training for
and requires them to sign the Agreement managers at the department heads and Reporting outcomes
on Business Ethics Adherence . In 2025, the above, with a total training duration of 1,426
domestic document signing rate was 100%. hours, covering 713 participants. During the Reporting Period, the Company received a total of 14 reports (including
duplicates) related to integrity, business ethics, and anti-corruption. Upon verification,
In 2025, the Company carried out integrity
none of them involved integrity, business ethics, or anti-corruption issues.
education and training on business ethics
and anti-corruption, inviting prosecutors
from the Zhuhai People's Procuratorate
to give lectures. They explained common
economic crimes, relevant verdicts, and risk Progress
areas requiring special attention, enhancing
participants' ability to identify and prevent Targets
integrity risks.
Improve integrity management and anti-
corruption systems
Completed
Employee commitment to integrity
The Company mandates all employees adhere Engaging external resources for anti-corruption
to the Employee Integrity and Self-discipline education and awareness campaigns
Regulations , achieving a 100% signing rate. 100% signing rate of the Integrity and Self-
Discipline Agreement
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Product / Service types
Providers, Competitor Material Suppliers, and Logistics Suppliers
Ninestar is committed to building a mutually beneficial and win-win supply chain ecosystem. Rooted in integrity, the
Company collaborates with upstream and downstream partners to jointly drive the sustainable development of the Depth of cooperation
industry chain. The Company places a strong emphasis on the compliant operations and social responsibility performance
Potential suppliers, approved suppliers, disqualified suppliers, blacklisted suppliers
of its suppliers. It has established fair and transparent cooperation mechanisms and integrates green development
philosophies into the full-lifecycle procurement process, striving to ensure a stable and resilient supply chain while
achieving harmonious coexistence among the Company, society, and the environment.
For different categories of suppliers, we implement differentiated management strategies tailored to each category,
Supplier admission
Ninestar strictly complies with domestic laws and
Ninestar and its subsidiaries have established a multi-dimensional review mechanism in the supplier admission phase.
regulations such as the Government Procurement ISO 28000:2022
Prior to onboarding, the Company conducts supplier qualification and background investigations through authoritative
Law of the People's Republic of China and the
websites and industry channels. It regards the comprehensive performance in social responsibility, conflict minerals
Bidding and Tendering Law of the People's
management, business ethics, product quality and safety, and labor compliance as essential prerequisites for admission.
Republic of China , as well as international supply
During the onboarding process, an on-site evaluation team is formed to conduct field inspections. Combining public
chain standards including RBA, BSCI, and SA8000.
information and market research, the team comprehensively assesses the supplier's qualification level, quality control,
The Company has formulated and continuously
delivery capability, and credit status. If risk points are identified, a special risk assessment is initiated to support prudent
refined internal policies such as the Supplier
decision-making.
Code of Conduct, the Due Diligence Management
Policy for Responsible Mineral Supply Chains , We conduct risk audits on admitted suppliers across four major dimensions: hazardous waste management, conflict
and the Supply Chain Sustainable Development minerals management, social responsibility management, and labor risk management.
Management Policy . These policies clearly define
supplier requirements regarding the environment,
labor rights, business ethics, and conflict minerals
management, thereby continuously elevating the
Company's supply chain management standards. Hazardous waste management
In 2025, multiple subsidiaries of Ninestar obtained
Ninestar requires suppliers involved in relevant business activities to comply with the environmental
relevant certifications such as SA8000 or BSCI,
requirements stipulated in the REACH Regulation, the RoHS Directive, and the China Environmental Labelling
and Pantum was awarded the ISO 28000:2022
(Ten-Ring) standard. The Company also regularly conducts audits on suppliers' waste management to jointly
certificate, further consolidating the Company's
promote green compliance and sustainable development. In 2025, some of Ninestar's subsidiaries signed
management foundation in supply chain security
environmental agreements with suppliers to clearly define their environmental management responsibilities.
and resilience.
with integrity, abide by the law, and engage in fair competition. Additionally, Tier 1 production materials
suppliers are required to sign the Supplier Social Responsibility Evaluation Form and the Social Responsibility
Ninestar continuously optimizes its full-lifecycle supplier management process, strengthens risk identification and management,
Compliance Declaration . Furthermore, we require these suppliers to possess ISO 9000 Quality Management
advances responsible procurement practices, and enhances the supply chain's resilience against risks.
System certification, QC080000 Hazardous Substance Process Management System certification, ISO 14000
Environmental Management System certification, and ISO 45001 Occupational Health and Safety Management
Supplier classification System certification. We also regularly conduct audits on suppliers' energy utilization efficiency.
Ninestar and its subsidiaries implement routine management of registered suppliers through a classification and grading system.
Based on product/service categories and the depth of cooperation, we classify our suppliers into the following types:
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Performance Evaluation of Ninestar's Tier 1, Tier 2, and Tier 3 Suppliers in 2025
Total number of engaged suppliers 2,085
Labor risk management
Number of suppliers assessed (online + offline) 1,685
Ninestar places great importance on the actual performance of suppliers in the field of human rights. We consider
suppliers' compliance with labor management regulations as a primary prerequisite for admission, requiring them
Number of Tier 1 suppliers assessed –final product assembly1 245
to commit to and implement labor rights protections, including but not limited to the prohibition of child labor,
the prohibition of forced labor, equal employment, fair compensation, lawful working hours, and the assurance of
occupational health and safety. Concurrently, we require suppliers to comply with relevant social responsibility codes Number of Tier 2 suppliers assessed –Components1 709
of conduct and respect employees' rights to form or join trade unions and engage in collective bargaining. If any
supplier is found violating the above labor management requirements, we will immediately terminate the partnership. Number of Tier 3 suppliers assessed –Raw materials1 731
Number of suppliers who failed the assessment (online + offline) 2
Number of suppliers removed (suppliers) 2
Number of times of engaging a third party to assess suppliers (online + offline) 1
Conflict minerals management
For suppliers with outstanding evaluation results, we provide preferential policies such as priority procurement and long-term
Ninestar has formulated conflict minerals management standards for suppliers and incorporates conflict minerals partnerships, encouraging them to continuously improve their performance in environmental management, social responsibility,
issues into supplier admission evaluations. The Company sends the Conflict Minerals Questionnaire to all suppliers and business ethics, thereby jointly building a responsible supply chain.
involved in the production, processing, or use of metals, requiring them to sign the Commitment to Not Use Conflict
Minerals.
Ninestar integrates anti-bribery and anti-corruption requirements into its supplier management system, requiring all suppliers
to comply with relevant laws and regulations as well as the Company's integrity and compliance requirements, and to formulate
corresponding anti-corruption policies or codes of conduct. We require all suppliers to sign the Integrity and Self-Discipline
Agreement as a primary component of the procurement agreement or contract, which includes the requirement for suppliers to
have mature anti-corruption policies in place. Through supplier compliance commitments, admission reviews, and continuous
evaluations, we audit the implementation of suppliers' anti-corruption policies. Furthermore, we provide whistleblowing channels
Through a rigorous admission review process, we ensure that onboarded suppliers meet our high-standard expectations in terms for suppliers and relevant parties to prevent the risks of commercial bribery and misconduct. We have incorporated supply chain
of supply capability, quality level, environmental impact, and social impact. Suppliers' ESG performance is directly linked to their integrity management into supplier admission and regular audits, effectively building a compliant value chain.
procurement share.
Furthermore, Ninestar Group conducts the feasibility of incorporating Responsible Business Alliance (RBA) rules reporting into
Supplier evaluation supplier management standards. We have established clear policies prohibiting its employees from soliciting or accepting cash,
physical gifts, or any other form of gifts or benefits from suppliers for any reason. We also strictly require suppliers not to offer
To comprehensively review supply chain risks, Ninestar and its subsidiaries conduct annual performance evaluations of registered gifts, items, securities, or any improper benefits, whether directly or indirectly, to any employee of the Group, aiming to maintain
suppliers. Relying on documents such as the Supplier Quality Performance Evaluation Report and the Supplier Periodic Review integrity and compliance in our operations.
Form , we collaborate with third-party agencies and internal departments—including procurement, quality control, process
engineering, and finance—to conduct annual or semi-annual performance evaluations and qualification verifications for Tier
Performance highlights
assessment item, focusing on evaluating labor standards, health and safety, business ethics, and mineral procurement regulations.
Through this normalized evaluation mechanism, we drive suppliers toward continuous improvement, jointly building a green and
transparent value chain.
In 2025, Ninestar conducted 348 training sessions for suppliers. The content covered labor management,
conflict minerals compliance, and the prevention of commercial bribery, continuously driving the compliance and
For high-risk suppliers, we conduct on-site inspections and establish an on-site evaluation team to carry out comprehensive on- sustainable development of the supply chain
site investigations. If risk points are identified, a supplier risk assessment is initiated, wherein various departments fully evaluate
the severity of the risk impact with a focus on the specific risk points. When necessary, we implement on-site management of
the supplier, formulate rectification plans for identified deficiencies, and track them until improvements are fully completed. For As of December 2025, the signing rate of the Integrity and Self-Discipline Agreement by suppliers of Ninestar and
suppliers who fail the evaluation, we provide feedback on the results and require them to make improvements. Those who make
satisfactory improvements retain their supplier qualifications, whereas those who fail to improve will be phased out. By gradually
phasing out suppliers with relatively outdated processes, equipment, and production capacity, we accelerate the industrial
all its subsidiaries reached 100%
upgrading of our supply chain.
Due to the Company's update to the classification standards for suppliers(Tier1& Tier 2& Tier 3) in 2025, the data exhibits significant year-on-year
changes compared to 2024.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar fully recognizes the risks of potentially causing significant adverse impacts when engaging in the extraction,
transportation, trading, handling, or export of minerals in conflict-affected and high-risk areas. Therefore, the Company
incorporates conflict minerals into the full-lifecycle risk management of its supply chain. In accordance with the Chinese Due
Diligence Guidelines for Responsible Mineral Supply Chains and the OECD Due Diligence Guidance for Minerals , Ninestar has
Ninestar adheres to a people-centered philosophy, continuously refines its employee recruitment
formulated and continuously refines its Due Diligence Management Policies for Responsible Mineral Resource Supply Chains. The
and employment mechanisms, optimizes its compensation and benefits system, and enhances
Company conducts strict investigations into all products and materials that may contain conflict minerals, including tungsten, tin,
internal communication channels to effectively and comprehensively safeguard employees' rights
tantalum, gold, nickel, cobalt, manganese, lithium, graphite, mica, copper, and aluminum. We have integrated suppliers' conflict
and interests. Meanwhile, we highly value the physical and mental health of our employees. By
minerals management into the supplier admission, supplier performance evaluation, and annual ESG audit phases to review their
enriching their cultural and recreational lives, we guide employees to pursue a high quality of life
risk management capabilities regarding conflict minerals.
and achieve a harmonious balance between work and personal life.
Results and progress 7.2.2 Strategies
This year, Ninestar and its subsidiaries have conducted CMRT conflict minerals surveys to enhance the transparency and
We strictly adhere to the laws and regulations including the Labor Law of the People's Republic of China, the Civil Code of the
compliance of mineral sources in the supply chain. Notably, the subsidiary Pantum successfully joined the Responsible
People's Republic of China, and the Law on the Protection of Women's Rights and Interests of the People's Republic of China.
Minerals Initiative (RMI) under the RBA and strictly implemented conflict minerals control requirements. It conducted
We continuously improve our labor employment review and supervision mechanisms, covering aspects such as new employee
due diligence on all suppliers providing metal-containing components, ensuring that 100% of products involving conflict
recruitment and daily human resource management. Through aperiodic self-assessments and special inspections, we effectively
mineral metals (including tin, tantalum, tungsten, and gold) achieved RMAP certification and traceability.
minimize potential labor risks.
Meanwhile, Ninestar Information Technology, a subsidiary, conducted Reasonable Country of Origin Inquiry (RCOI)
We respect the international standards outlined in the Human Rights Council's UN Guiding Principles on Business and Human
surveys on raw material suppliers and required major raw material suppliers to provide compliance certificates such
Rights, the Universal Declaration of Human Rights (UDHR), the International Labor Organization's Declaration on Fundamental
as RoHS and REACH, ensuring that materials comply with international environmental protection and chemical control
Principles and Rights at Work, the Ten Principles of the United Nations Global Compact (UNGC), the Responsible Business Alliance
standards. In addition, the subsidiary Geehy explicitly required that raw materials procured by its suppliers must 100%
(RBA) Code of Conduct, and the Business Social Compliance Initiative (BSCI) Code of Conduct, actively taking practical actions
meet RMAP certification requirements and be traceable. It also established a quality ledger management system for
in line with these RBA and BSCI Codes of Conduct. In our global operations, we are committed to protecting internationally
qualified suppliers, incorporating the conflict-free mineral declaration documents of the top 5 Class A and Class B qualified
recognized human rights, adhering to the principle of equal employment, and strictly prohibiting child labor, forced labor,
suppliers into the system for monitoring. This achieved a 100% audit rate and strengthened the capability to identify and
workplace harassment, and discrimination. Specific management regulations can be found in the policy section of our official
control conflict minerals risks at the source of the supply chain.
website under the Employee Diversity and Rights Protection Policy.
In 2025, Ninestar conducted thematic training sessions on conflict minerals management and labor management for
suppliers. Concurrently, we required suppliers to sign the Commitment to Not Use Conflict Minerals in the Supply Chain,
and regularly conducted conflict minerals surveys and audits. As of the end of the Reporting Period, 672 suppliers had
signed the commitment, and 106 supplier training sessions had been conducted.
Ninestar recognizes the importance of freedom of association and the right to collective bargaining, and firmly supports employees
employees have the right to freely form, join, or choose not to join employee organizations such as trade union and Employees'
Representative Congress. This year, Ninestar's trade union2 had 13,222 members, achieving a 100% domestic union coverage
Progress rate. During the Reporting Period, the Company convened one Employees' Representative Congress, where employees actively
Targets provided input and suggestions on key topics such as corporate development planning, employee welfare and benefits, and the
optimization of management systems, thereby fully exercising their democratic rights.
We will distribute social responsibility related
Supplier ESG Audits: 1,685 Ninestar continuously implements diversified employee communication and complaint channels (such as hotlines, suggestion
surveys to suppliers annually
boxes, DingTalk, and email) to listen to employees' voices. Meanwhile, we conduct comprehensive employee satisfaction surveys
We will conduct regular training for suppliers Number of supplier training sessions: on a quarterly basis, generate specific analysis reports and rectification plans based on the survey results, and drive closed-loop
on relevant topics, including the Supplier Code A total of 427 suppliers participated in issue management. All feedback is centrally followed up by the headquarters' Human Resources Department to ensure timely
of Conduct, labor management, and conflict training throughout the year responses and effective resolution. Concurrently, the Company has established a confidential employee complaint mechanism
minerals management on an annual basis to strictly protect the personal information of complainants, resolutely prohibit any form of retaliation, and effectively safeguard
As of 2025, 672 suppliers have signed
the legitimate rights and interests of employees. By encouraging employees to participate in corporate development, the
All major business-related suppliers will sign the Commitment to Not Use Conflict
Company continuously improves its democratic management mechanism, fully leverages employees' active roles in democratic
the Commitment to Not Use Conflict Minerals Minerals in the Supply Chain
participation, oversight, and management, and fosters an open, transparent, and mutually trusting organizational culture.
in the Supply Chain, achieving a signing rate of
traffic areas to promote democratic communication and anti-corruption whistleblowing awareness across the entire Company.
This includes only the trade union members of Ninestar within China.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Employee complaint process Employee investigation mechanism
Employees have the right to file appeals, lodge complaints, and report violations when they believe their rights are being
infringed. We have established diverse channels for employees to submit complaints across various categories of issues, Internal management research
with clear responsibilities assigned to the Human Resources Department to promptly follow up on employee complaints We conduct internal management surveys through methods such as Gallup Q12 employee questionnaires and
and suggestions. After conducting a thorough investigation into the complaints, the relevant departments will provide DingTalk platform surveys, covering aspects such as job satisfaction, team atmosphere, learning, and growth.
feedback or resolutions in writing or via email within five working days to the reasonable suggestions office. For additional
information regarding employee complaints, please refer to our official website's Employee Rationalization Suggestions Based on the feedback and analysis of the surveys, the Human Resources Department formulates and
and Appeal Policy and Employee Performance Appeal Policy. implements improvement plans to enhance employee dedication, increase team cohesion, and optimize work
processes.
Based on the nature of the issues, they Feedback or resolutions are provided to
Employees submit their complaints/
are classified and referred to the relevant the employees, and the effectiveness of
reasonable suggestions.
responsible persons or departments. the improvement measures is monitored.
Every quarter, we conduct anonymous work environment satisfaction surveys for employees in three
dimensions: Workplace environment and services, company canteen, and employee dormitories.
The complaints/reasonable Complaint/Reasonable Suggestion
Summary and Reporting In 2025, we received a total of 8,185 anonymous employee feedback responses, with satisfaction rates as
suggestions are recorded and verified. Handling
follows: Workplace satisfaction: 98.16%, Dormitory satisfaction: 96.85%, Canteen satisfaction: 95.66%
Complaint Handling Process 7.2.3.2 Employee Diversity and Inclusion
We respect the diverse backgrounds and individual differences of our employees. We focus on eliminating discriminatory
practices in employment and career advancement, and we strive to promote equality and fairness in the workplace.
Category Complaint Complaint channel
Regarding recruitment, we have established the Relevant Requirements for Fair and Just Recruitment of the Group to
firmly prohibit discriminatory behaviors based on factors such as gender, age, race, nationality, religious beliefs, and
disabilities, ensuring that all candidates are afforded equal rights to employment. Our Recruitment Website Usage
Guidelines also explicitly emphasize the avoidance of any discriminatory language. We support workforce diversity by
Various aspects, conducting diversity compliance reviews of human resources practices, including recruitment, compensation and benefits,
including workflow promotion systems, and attendance management.
and efficiency, work
Real name We actively develop a new talent pool and establish workforce diversity plans that align with our business development
environment and Scan the code by mobile APP
complaint strategy. We integrate the diversity philosophy of "respect, equality and inclusion" into our talent training mechanism,
safety, employee
and drive the deepening of relevant requirements from cultural awareness to management practices and the core of
welfare and
leadership. Therefore, we irregularly conduct workforce diversity policy training for all employees.
compensation,
management and
communication, Ensuring talent equity
career development E-mail: helihua@ggimage.com
and training, as We introduced the "Gold-Medal Interviewer" workshop for all management and HR personnel, focusing on
Mailing address: Bulletin board in the underground passage, or 1/F,
well as company Anonymous enhancing their equitable decision-making capabilities in recruitment, assessment, and promotion, thereby
Building 12 in the employee dormitory, Nanping Science and Technology
development and complaint institutionally guaranteeing equal opportunities across all talent development programs.
Industrial Park, Zhuhai, Guangdong
values
Complaint hotline: 0756-6258327
Promoting cultural exchange
Feedback Timeline: Employees who have objections to the performance
Building on and upgrading the successful model of the 2024 "Country Manager Marketing Training Camp", we
assessment results may submit their complaints to the Human Resources
continued this initiative this year and expanded it to core functions such as R&D and supply chain, organizing
Department within one month after the completion of the monthly, quarterly,
"Cross-Cultural Integration" workshops.
or annual assessment cycle
Performance
Real-name Feedback method: Contact the Compensation and Performance Group of the Cultivating inclusive leadership
assessment
complaint Human Resources Department at wenjing.liu01@ggimage.com to obtain the
results
Performance Assessment Complaint Form
We designated "Global Vision, Global Operations" as a core component of leadership development for executives
The Human Resources Department will notify employees of the investigation at the director level and above. Through specialized seminars, we cultivate the strategic capabilities of senior
and revised assessment results via email within five working days management to drive cultural transformation and lead diverse teams.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Total number of employees: 13,798 By gender Adhering to the "performance-oriented" compensation concept, Ninestar has formulated the Comprehensive Compensation
Management System to create a fair and competitive compensation system and incentive mechanism. By making the
performance of senior management personnel strongly linked to the overall organizational performance and profit
compensation competitiveness for key talent and attract, retain and motivate the core backbone employees of the Company.
In 2025, Ninestar continued to advance the implementation of its 2024 Employee Stock Ownership Plan (ESOP) and
Employee Stock Purchase Plan (ESPP), which were progressively unlocked in three vesting tranches of 30%, 30%, and 40%.
Furthermore, the Company published an indicative announcement regarding the expiration of the initial lock-up period.
Benefiting middle management and key business personnel, these plans drive the transformation of employees' roles from
"managers" to "partners", enabling them to share in the Company's long-term business achievements, thereby further
enhancing their sense of belonging and loyalty.
Retired reemployed employees Interns Male employees
Employees working under labor
dispatched agreements
Labor contract
employees
Female employees
Compensation management principles
By age By educational qualification3 Our compensation system adheres to the principle of "unified concept, unified system, and unified
Integration
management", implementing integrated salary management across the Company and its subsidiary .
Our compensation system respects and draws upon market practices and experience from high-tech
Market
orientation
enterprises and has gradually achieved market-oriented salary management in combination with
actual business conditions.
Aligned with our strategic business objectives, we have established a mechanism linking
Employees aged 50 and above Employees aged 29 Employees holding master's Employees holding
and below degrees and above bachelor's degrees
激励性
Incentivization compensation to performance, emphasizing incentives for outstanding employees and promoting
Employees aged 30-49 the growth of operating results.
Employees with high school or Employees with middle
vocational secondary education school education and
Employees with an associate below
degree
Employees in the same position receive equal salary. However, at the same time, we make dynamic
By specialty By geographical region
Equity and differentiated adjustments to salary ranks and bands based on employee performance, years of
service, and work attitude.
realities, and future strategic growth. We have established a dynamic compensation adjustment
Dynamism
Company and its employees.
In constructing our performance evaluation framework, Ninestar utilizes key performance indexes (KPIs), key target indexes (KTIs)
Financial personnel Technical personnel Employees from Hong Kong, Overseas employees
and daily work goal attainment as the assessment bases, conducting monthly, quarterly, semi-annual, and annual performance
Macao and Taiwan appraisals for all employees. We have established a regular performance communication and feedback mechanism. Through this,
Administrative Sales personnel
Employees from the Mainland we not only tailor Performance Improvement Plans (PIPs) for employees but also continuously track their improvement progress,
Production personnel China forming a complete closed-loop management system. Furthermore, the Company has established a linkage mechanism between
individual and organizational performance. This closely aligns employees' final performance results and value realization with the
achievement of the Company's overall business performance, enabling employees to truly become "participants" and "beneficiaries"
The statistics on employees of some of our overseas subsidiaries by educational qualification are unavailable due to the restriction of their local laws
and regulations. There are a total of 45 overseas employees whose educational qualification is unknown. in the Company's development, thereby realizing the mutual achievement of individual value and organizational success.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Comprehensive benefits protection 7.2.3.4 Employee Cultural Development
We strictly implement national and local social security mechanisms and provide a comprehensive benefits system for
This year, Ninestar continued to organize a variety of activities such as themed team-building events, cultural and sports
all employees. We are committed to ensuring that benefits are not affected by employees' ethnicity, race, nationality,
activities, and festival celebrations, aiming to enrich employees' cultural and recreational lives, promote work-life balance,
geographical region, gender, age, physical condition, marital status, religious beliefs or other factors, and that benefits are
and strengthen connections among employees.
allocated fairly and equitably in recognition of employees' contributions.
We provide a unified paid parental leave benefit for all employees of the Group, without restrictions on gender, rank or
years of service. Employees who meet the policy requirements of the Regulations of Guangdong Province on Population Spring Festival Activities
and Family Planning and have children under the age of three are entitled to ten days of paid parental leave each year.
During the 2026 Spring Festival, Ninestar continued to organize warm and engaging festive activities for
employees who stayed in Zhuhai, including the distribution of Spring Festival couplets, a staff reunion
dinner, and a one-day trip to Chimelong. On the first day of the Lunar New Year, Company leaders extended
their greetings to employees who remained at work during the holiday, offering sincere New Year wishes
Guaranteed benefits and celebrating a joyful and warm Spring Festival together with them.
Social insurances and housing provident fund, paid leave, minimum wage guarantee,
rest and leave, etc. are put into practice, and a variety of subsidies are issued as required. In addition, on the day of the Lantern Festival, the Company organized a variety of festive activities,
including the provision of free sweet rice dumplings and interactive experiences such as lantern riddles and
handicraft making. Employees actively participated, creating a lively atmosphere that allowed everyone to
experience the charm of traditional culture in a joyful festive setting while further strengthening employees'
sense of belonging and team cohesion.
Protective benefits
Safety protection equipment, regular health examinations, occupational health
examinations of special groups, special allowances, etc.
Our own benefits
Meal subsidies, shuttle bus for commuters, development training, team dinners,
association activities, festival gifts, birthday benefits, commercial insurance, etc.
Reunion dinner Chimelong fun trip
Women's rights and interests protection
We provide prenatal care leaves, maternity leaves, nursing leaves, etc., for female
employees in accordance with the law. We value the development of female talent
and encourage women to grow in the workplace through themed activities for female Mid-Autumn Festival Gala
employees, advocating workplace equality.
On September 26, 2025, the Ninestar "Leading Printing · Brand in Harmony" Mid-Autumn Festival Gala was
first launched at the Hefei venue; on September 28, simultaneous events were held at the Nanping and Pingsha
Special benefits venues. Approximately 4,500 Ninestar employees across the three venues celebrated the festival together.
Through singing and dancing performances, interactive games and other activities, the event created a warm
Subsidized housing, staff dormitory arrangements, high-temperature subsidies, care
festive atmosphere, conveying the Company's care to employees across locations and strengthening the
for retired cadres and summer camp activities for our employees' children, etc.
cohesion driving corporate development.
Ai Xin ( 艾心 ) Fund
We have established the Ninestar "Ai Xin ( 艾心 )" Fund internally and formulated a legal
and compliant Ninestar "Ai Xin ( 艾心 )" Public Welfare Fund Management Method to
help employees with financial difficulties.
Group photo at Nanping Venue Group photo at Hefei Venue
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Children's Day Activities 25th Anniversary Celebration Series
During the 2025 Children's Day, the Ninestar Group carefully planned parent-child themed activities for To celebrate the 25th anniversary of the Ninestar Group, the Company organized a series of themed
employees' children, including fun games, interactive quizzes, handicrafts and talent shows. These activities activities throughout 2025, bringing employees together through diverse initiatives while conveying
promoted emotional interaction between parents and children while conveying the Company's care and corporate values and fulfilling social responsibilities.
warmth to employees' families.
On May 19, 2025, the Group held a 25th Anniversary Tug-of-War Competition, with 24 teams actively
participating. Contestants demonstrated enthusiasm and determination, showcasing both strength and
teamwork.
On June 27, 2025, the Group organized a 25th Anniversary Charity Bazaar, encouraging all employees to
donate unused items. The proceeds were used to support employees in financial difficulty, spreading the
positive spirit of mutual assistance and goodwill. A total of RMB14,528.96 was raised.
On June 28, 2025, the Group organized a Corporate Culture Knowledge Competition, attracting nearly 1,000
employees. Through the competition, employees gained a deeper understanding of Ninestar's development
history, core values, corporate mission and leadership development.
Scene of the Children's Day activities 25th Anniversary Tug-of-War 25th Anniversary Charity Bazaar 25th Anniversary Corporate Culture
Competition Knowledge Competition
Care for female employees
The 10th Hiking Event
On December 14, 2025, the Ninestar Group held the 10th hiking event, with a total of 500 employees
Ninestar attaches great importance to the care activities for female employees and has established Loving Mother's
participating. The hiking route covered Xidi Road in Doumen and Jianfeng Mountain, with a total distance of
Rooms that are equipped with multi-functional areas such as nursing areas and public rest areas. Ninestar also provides
sofas, folding nap beds, breastfeeding supplies, and mother and baby bookshelves for working mothers. Through these
demonstrated a spirited and positive outlook.
measures, we have created a service base that is heartwarming, full of warmth and showcases our image, enhancing the
physical and mental health of female employees and comprehensively safeguarding them.
Each year, we organize themed activities for female employees on International Women's Day, including flower
arrangement salons, interactive activities and festive greetings, expressing sincere care and best wishes while
demonstrating respect and support for women.
The 10th hiking event
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Advocating sports culture
Ninestar has established eight interest associations, including the Dance Association, Yoga Association, Badminton
Association, Football Association, Board Game Association, Foreign Language Association, Music Association, and Business
Etiquette Association. There are badminton courts, basketball courts, tables for table tennis and billiards, dance rooms, 7.3.1 Governance
yoga rooms, etc., in the Nanping Park and Pingsha Park for sports activities. Through regular competitions organized by Ninestar has established a tiered and well-defined governance framework for human capital development, forming a
business units and interest groups, the Company enriches employees' leisure lives while enhancing corporate cohesion management system featuring strategic leadership, institutional coordination, effective implementation, and closed-
and solidarity. loop supervision. The Company's talent development strategy is led and formulated by the President, who provides
overall guidance on the direction and key objectives of human capital development. The Human Resources Department
at headquarters is responsible for formulating institutional rules and implementation standards relating to talent
development, organizational development and capability enhancement, while performing functions including overall
coordination, process supervision and effectiveness evaluation. The human resources departments of each business unit,
based on their respective operational needs, are responsible for the specific implementation and regular execution of
various talent development initiatives.
The Company has also established a dual career development pathway comprising both management and professional
tracks, providing employees with diversified growth opportunities. By continuously improving the full-cycle talent
management mechanism covering talent selection, development, utilization and retention, Ninestar enhances the value of
human capital and organizational effectiveness, providing strong talent support for the Company's long-term sustainable
development.
Ninestar has incorporated the comprehensive development of employees into its long-term development strategy and
continues to invest resources in organizational capability building and talent pipeline development. The Company has
established a series of management policies, including the Cadre Management System, Professional Talent Management
System, Training Management System, Administrative Provisions on the Internal Lecturers, Administrative Provisions on
the Pre-service Training of Employees, and In-service Degree Education Management System. These policies support a
dual-line talent training system focused on empowering both managerial and professional capabilities and establish a
scientific mechanism for talent pipeline development. At the same time, we provide employees with diversified career
track to create a development pathway that allows "horizontal mobility and vertical advancement," enabling employees
to continuously improve and achieve career growth. In addition, we have established the Innovation Contribution Award
Progress to recognize teams that demonstrate outstanding performance in technological breakthroughs and economic value
creation, encouraging employees to pursue excellence and embrace innovation.
Targets
Ninestar adheres to the values of "duty, pragmatism, innovation and win-win" and fully recognizes that talent is a key
driver for achieving sustainable development. Through initiatives such as attracting outstanding talent, deepening
industry-university-research collaboration, and improving training and promotion mechanisms, the Company strengthens
Promote workplace diversity and Added one female director, enhancing the its talent reserve for key positions and enhances organizational capabilities, thereby providing a solid foundation for high-
inclusion, strengthen employee rights diversity of the Board. quality corporate development.
and interests protection
Implemented remuneration adjustments
Continuously optimize the for certain key positions and high- 7.3.3.1 Talent Recruitment
comprehensive remuneration performing employees, enhancing the Ninestar attaches great importance to the attraction and reserve of talents. We annually formulate a talent demand plan
management system to enhance pay competitiveness of compensation for key based on the Company's strategic development needs. This year, we introduced more scientific and comprehensive
equity and market competitiveness, talent. recruitment assessment tools and established a competency evaluation model based on the Group's talent standards. The
thereby attracting and retaining talent.
model focuses on assessing candidates' systematic thinking, teamwork capability, adaptive learning ability and innovative
problem-solving capacity, ensuring that newly recruited talent aligns closely with the Company's long-term values and
development needs.
We also implement the Strategy for Building a Diverse Talent Pipeline by continuously attracting talent through a
combination of internal (such as employee recommendations) and external (such as campus recruitment, recruitment
software, headhunting companies, etc.) channels, thereby building the Company's talent pool.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar encourages the participation of young forces and continuously conducts campus Ninestar actively promotes industry-university-research cooperation and jointly builds a differentiated school-enterprise
recruitment for global fresh graduates under the theme of "Focusing reshapes the Future, cooperation mechanism with higher education institutions. It has made rich attempts in areas such as off-campus
Printing Connects the World". It is open to the public for over 80 positions covering practice bases, joint construction of professional topics, and school-enterprise joint training. In the field of technological
various sections such as marketing, technology, functions, and operations. Through breakthroughs, we continue to conduct technical exchanges and resource coordination, promoting collaborative
Campus Recruitment
regularly carrying out talent reserve programs such as the management trainee reserve innovation oriented around technology projects. Through pragmatic and efficient interaction, Ninestar and its partner
program and formulating special training plans for fresh graduates, we supplement universities have formed a close "innovation community," supporting the Company's technology leadership strategy while
young forces for the Company's technological innovation and business development. At striving to achieve complementary advantages, coordinated development and shared value between enterprises and
present, 15% of the Company's employees above the manager level4 are selected through universities.
campus recruitment. The demand for campus recruitment remains stable at around 150
people each year, accounting for 10% of the annual talent recruitment plan, while the Enterprise visit and position expansion
remaining 90% comes from social recruitment.
The Company has joined hands with universities to carry out the "Enterprise Visit and Position Expansion" practical
activities, building an interactive platform between schools and the enterprise to promote the synergy and exchange of
At the same time, Ninestar provides pre-job training and project-based practical
technological development, business philosophy, personnel philosophy and employment philosophy between them. In
experience for graduate interns, helping them gain a deeper understanding of the
Company's business development and accelerate their transition into professional roles.
University, Xi'an Jiaotong University, Jinan University, Wuhan University, Huazhong University of Science and Technology,
Zhengzhou University, Fudan University, South China University of Technology, Zhongnan University of Economics and
Law and Guangdong University of Technology, covering more than 6,000 participants in total.
Promoting employment through Enterprise Visit and Position Expansion — Jinan University
In order to make employees more enthusiastic about internal referrals, Ninestar On April 22, 2025, the School of Translation Studies of Jinan University visited
has formulated the Incentive Plan for Internal Referrals by Employees to establish a
Internal Referrals
Ninestar Corporation to conduct a special "Enterprise Visit and Position
scientific and reasonable internal recruitment incentive mechanism. We have also set Expansion" initiative. Through site visits and discussion sessions, both parties
up a special internal referral award to encourage current employees to recommend engaged in in-depth exchanges on topics including talent cultivation, industry–
suitable candidates. And by establishing a clear internal referrals platform, we ensure the university–research collaboration and the development of internship and
accuracy and effectiveness of the internal referral information. In 2025, the proportion of practice bases. During the event, Ninestar introduced the development of
employees who entered the Company through internal referrals exceeded 15%, with a its overseas business, particularly highlighting the demand for international
probation pass rate exceeding 90%. talent in cross-cultural communication and localized services. The university
indicated that cooperation could be explored in areas such as jointly establishing
educational practice bases, conducting overseas market research, and developing
interdisciplinary talent cultivation pathways combining "language + technology,"
thereby jointly exploring new models of industry–education integration.
Ninestar continuously promotes the "International Student Recruitment" project, which
provides internship and training opportunities for international students studying
in China from both developing and developed countries, as well as foreign nationals Promoting employment through Enterprise Visit and Position Expansion — Heilongjiang University
who may be assigned to work in their home countries. Participants receive centralized
International Student
Recruitment Project
internship training at the Company's headquarters, and outstanding trainees who
pass the internship assessment may be converted into full-time employees at Ninestar On October 15, 2025, the School of Foreign Languages and Literature of Heilongjiang University and Ninestar
headquarters or assigned to overseas positions. The "International Student Recruitment" jointly held a symposium on school–enterprise cooperation and talent supply–demand alignment. Both
project has established internship base cooperation agreements with several universities. parties conducted in-depth discussions on corporate talent profiles, competency models for job positions
In 2025, a total of 11 international students studying in China were recruited, mainly from
and the university's talent training system. Leveraging
Pakistan, Vietnam and Italy.
this exchange, we gained a better understanding of the
university's disciplinary strengths and talent advantages,
To enhance the sense of belonging and organizational integration of foreign employees,
enabling efficient alignment of school–enterprise resources
Ninestar organizes care-oriented activities, including employee communication sessions
and providing strong support for subsequent talent
and sports-themed team-building activities, to promote cross-cultural exchange and
cultivation and recruitment, thereby helping to bridge the
team integration.
"last mile" toward high-quality employment for graduates.
The details of campus recruitment of some of our overseas subsidiaries are unavailable due to the restriction of their local laws and regulations.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Development of Indusrty University Research Collaboration Platformss
Ninestar adheres to the philosophy that "talent is the primary resource and knowledge is the core asset." The Company
has established an employee capability development ecosystem characterized by "strategy-driven development, system
In December 2025, Geehy Microelectronics and the University of
support and digital empowerment," providing employees with diverse learning channels and resources. This system
Macau jointly established the "Guangdong–Macau Joint Laboratory
continuously supports new employees, professionals and managers in enhancing their personal and professional skills.
for Modular Chip Design and Testing." Led by the University of Macau,
We offer a wide range of internal training programs and collaborate with external academic institutions and other third
the laboratory is the first Guangdong–Macau joint laboratory of its
parties to provide external learning opportunities, helping employees enrich their professional knowledge, broaden their
kind in China and has received special support from the Department
horizons and grow together with the Company.
of Science and Technology of Guangdong Province and the Macao
Science and Technology Development Fund. At present, the two
parties are collaborating on several projects, including "absolute Internal training
position encoder chips with high precision, low latency and low power
consumption" and "driver chip technologies for wide-bandgap For talent development and talent pooling, we continuously optimize Ninestar University's system to provide
semiconductor power devices," jointly building a collaborative comprehensive and diverse training programs for our employees (including employees of our subsidiaries) and create
Guangdong–Macau Joint Laboratory for Modular
innovation platform integrating industry, academia and research. hierarchical training program modes.
Chip Design and Testing
Program Name Program Description Built-in Courses
Discipline co-buliding
Centered on tiered empowerment and full-
In response to the national strategic demand in the integrated circuit sector, Ninestar actively promotes industry– cycle development, this program covers all
education integration and school–enterprise collaborative innovation. Together with Xidian University, the Company management levels from supervisors to general
has jointly established the "Xidian–Geehy Future Chip Undergraduate Technology Innovation Club" and the "Xidian– managers. Through a systematic and targeted • General manager classes
Geehy Innovation Laboratory," while continuously organizing the "Geehy Microchip Training Camp" to accelerate the development framework, it supports managers • Director classes
Management talent
development of a talent cultivation system integrating industry and education in the integrated circuit field. At the same at different stages in advancing their capabilities • Advanced manager classes
time, Ninestar supports the development of the university's integrated circuit faculty through donations, aiming to development
and transitioning into higher roles. The program • Manager classes
cultivate high-level and interdisciplinary talent urgently needed by the integrated circuit industry and inject momentum program aims to build a well-structured, high-caliber, and • Advanced supervisor classes
into independent innovation and the development of new quality productive forces in the integrated circuit sector. sustainably evolving management talent pool, • Supervisor classes
thereby strengthening the core talent foundation
Support for talent training for the Group's strategic implementation and
long-term development.
We attach great importance to the specialized knowledge and comprehensive
quality of students from our partner schools, which is why we provide • User mindset training camps
bonuses for skill contests and other relevant events and send backbone
• Supply chain empowerment forum
technicians to offer guidance. We will give internship offers and full-time Focusing on core professional fields and guided • Project management training camps
offers in advance to students with excellent performance in these activities. by practical job requirements, the program
Professional • Lean production training camps
In addition, we have carried out the modern apprentice training program by enhances the business capabilities and problem-
regularly sending lecturers to provide professional and vocational planning training camp • Quality management training camps
solving skills of professional talent, cultivating a
and guidance services. series high-quality professional workforce aligned with • Lecturer training camps
the Group's development needs. • HR elite training camps
• Legal and compliance training camps
• Key account marketing training camps
The first AI innovation application competition of Geehy Microelectronics
Concentrating on frontline operational areas, • Training for obtaining electrician
In 2025, Geehy Microelectronics successfully concluded its first "AI for
this program emphasizes the enhancement certificates
Everyone" Innovation Application Competition in Zhuhai. The competition Training for
of job-specific skills and practical production • Training in automation
lasted for more than two months and stimulated company-wide participation technical
through empowerment training, resulting in 16 outstanding proposals
capabilities, strengthening professional • Training for lean production
professionals operational competencies and building a highly
covering areas such as chip design and project management. The event • Self-evaluation of occupational skill
skilled frontline workforce. levels
highlighted the importance of embracing the AI technological revolution
and seizing emerging opportunities, while encouraging innovation through
Focusing on cultural integration, role transition,
enhanced financial incentives. Geehy Microelectronics aims to promote
practical application through competition, continuously advancing the deep
and job adaptation, this program helps new • Ninestar Classes for employees
New employee employees quickly become familiar with recruited via campus recruitment
integration of AI with business operations and injecting strong "chip-driven"
momentum into the Company's business development. training corporate values, policies, and basic job • Training for employees recruited via
Scene of the first AI innovation requirements while improving professional social recruitment
application competition qualities and team integration.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar continues to improve its leadership training system and has independently developed the Navigation Leadership In 2025, Ninestar further enhanced the precision of talent assessment and talent review processes:
Training series of courses, training a total of 409 participants in 2025.
Optimization of the 360-degree evaluation system Advanced application of the nine-box talent matrix
Basic management classes
Focusing on role transition, team management and business coordination to
(for newly appointed
strengthen foundational management capabilities. On the basis of the existing system requiring no Combining performance results with 360-degree
supervisors)
fewer than six evaluators (including superiors, evaluations, a dynamic nine-box analysis is used
peers and subordinates), an additional evaluation to identify high-potential talent, and personalized
Introducing a "project-based practice" component requiring participants to
dimension from "cross-department collaborators" development plans are formulated for employees
Mid- and senior-level lead or participate in cross-departmental business projects, and establishing
was introduced. Digital tools were also adopted identified as "high performance and high potential."
advanced classes a "business problem catalysis practice project" mechanism to transform
to enable real-time and visualized feedback,
(managers/directors) training outcomes into business value. This program cultivated the Group's
enhancing the comprehensiveness and timeliness
first cohort of 15 business catalysts.
of evaluations.
Focusing on topics such as overseas expansion and global operations,
General manager classes featuring presidential dialogues and discussions with international consulting
institutions, covering a total of 24 general manager-level participants.
Talent development forum
Ninestar attaches great importance to the development of female leadership and is committed to ensuring that all
talent development programs equally cover female employees. The Company has also launched "Women's Leadership
On September 9, 2025, Ninestar University hosted a Talent Development Forum themed "Synergy and
Sharing Sessions," focusing on topics such as strategic thinking and technological decision-making to empower female
Coexistence." The event featured five in-depth sharing sessions delivered by senior experts from both
managers. In addition, to promote multicultural integration, Ninestar has introduced "Cross-cultural Integration
inside and outside the Company, offering forward-looking insights and practical experience. Through cross-
Workshops," facilitating diverse exchanges and addressing the career development needs of minority groups and
sector exchanges and the sharing of ideas, the forum stimulated new momentum for organizational talent
foreign employees. These initiatives foster an inclusive, diverse and collaborative organizational ecosystem and unlock
development and jointly fostered a collaborative talent ecosystem.
the innovative potential arising from talent diversity.
Focusing on four major business modules, Ninestar independently developed the "Professional Talent Career Training
Camp" program, which combines training with practical application to enhance professional capabilities and address
business challenges, supporting the professional development of talent. In 2025, a total of 243 training sessions were
conducted.
In 2025, Ninestar upgraded its digital learning platform by providing multilingual course resources to support flexible
participation by overseas employees. Employees recorded a total of 14,712 hours of active learning.
User
Continuing the "course input – market observation – discussion output" model for R&D and
mindset
production personnel, conducting on-site visits to key industry clients. During the year, 552
training
customer pain points were addressed and 49 implementable solutions were produced.
camps
New graduate training plan
Lean
Integrating the Group's lean management talent to respond precisely to improvement needs, resulting in
production Ninestar implemented the annual training plan for university students who graduated in 2025 and were recruited
the training of 9 team leaders, measurement of 13 production lines and improvement of 41 problem areas.
training camps via campus recruitment - the Ninestar Class, which was designed to help students adapt quickly to the workplace
environment, involving 77 new graduates. This year's training was divided into two phases: "intensive training" and
"advanced training", covering 10 business units, with a total of 25 offline courses arranged. Intensive training helped
HR elite Introducing HRBP and recruitment practice exercises to strengthen practical capabilities and promote
students build professional awareness and learn workplace skills, and included activities such as knowledge competitions,
training camps collaboration and experience sharing across business units.
collaborative poster creation, debates, and team-building exercises to cultivate teamwork skills. Advanced training
consisted of monthly online live courses delivered from August to December designed to address general skill-related
Lecturer challenges faced by new graduates during their initial onboarding period.
Cultivating 11 Group-level lecturers, developing 11 Group-level courses and 7 mature courses for business
training
units, improving both quality and coverage. Moreover, we have established a mentor policy for recruited new graduates, designating 61 business core members
camps
as mentors for newcomers to guide them through the probation period. We require mentors to formulate mentoring
schedules at the beginning of each stage and report the mentoring performance at the end of each stage, while the Human
Key account
Introduced as a special training program in 2025 to assist the sales team in transitioning from distributor- Resources Department assists in tracking the mentoring process and conducting monthly evaluations, selects model
marketing
focused marketing to key account marketing. Through workshop discussions, seven customer relationship mentors for each stage according to the evaluation results, and select outstanding mentors at the end of the probation
training
development case studies were produced and a standardized SOP for key account visits was developed. period, as well as award them incentives. Meanwhile, we organize offline empowerment courses for mentors in the middle
camps
of the period to ensure the high quality of mentors.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Chasing Dreams at Ninestar, Advancing towrd the Future
To support staff in achieving their personal career goals, Ninestar has formulated the Position Management System, the
To provide university graduates with a positive onboarding experience and comprehensive pre-job training,
Cadre Management System , and the Management Mechanism for the Development of Cadre Positions, and designed a
helping them quickly integrate into the Company and enhance their professional competencies and skills,
fair and transparent career development system which defines clear promotion channels (professional and managerial)
we organized a two-week intensive training program in July 2025 for graduates recruited through the 2025
and talent capability models so that employees can choose a channel better suited for their development in line with their
campus recruitment program. The program successfully guided them in completing the transition from
personal interests and expertise. In 2025, we further enhanced the career development pathways based on the Group's
students to professionals.
talent standards:
Promotion channel for technical personnel
Under the qualification framework, employees who meet the requirements for knowledge, skills and work
achievements associated with their positions may be promoted. In terms of promotion direction, a pilot
development pathway for "technical experts transitioning into management roles" was introduced in 2025,
which evaluated more technical talent for inclusion in the management talent pool and promoting deeper
integration between technical expertise and management.
Promotion channel for managerial personnel
Candidates must meet requirements including annual performance evaluation results, alignment with
corporate culture, managerial competencies and performance review presentations. In 2025, two key
dimensions—"global perspective" and "digital transformation"—were introduced to strengthen the evaluation
of capabilities in international business expansion and technological transformation leadership, thereby
External training improving the strategic alignment of management talent.
Ninestar enters into cooperation with reputable educational
institutions as necessary every year, as well as regularly provides
external training and invites lecturers to provide training. We
have established a two-tier management structure consisting of To ensure fairness and diversity in promotion appraisals, we examine and select candidates by comprehensively taking
"group-level strategic cooperation" and "business unit-specific multiple factors into account rather than according to the results of a single performance appraisal. We give preference for
This year, Ninestar conducted provided
cooperation," forming a closed-loop management process that promotion to employees who have both good capabilities and performance, and we adopt a hierarchical system for extra
benefits and incentives for talent. Meanwhile, to ensure fair promotion interviews, the interviewers should strictly follow
includes demand alignment, resource evaluation and effectiveness
tracking. This system aims to provide employees with abundant
and valuable training resources for academic advancement and the training programs external training
improvement of general and professional skills. This year, Ninestar delivered by external programs for employees.
organized six training programs delivered by external lecturers, lecturers
covering topics such as global operations, key account marketing 7.3.4 Metrics and Targets
and overseas business expansion, and provided employees with 32
external training programs.
Progress
Ninestar supports and encourages employees to continuously enhance their professional skills through various means, Targets
including participating in on-the-job education programs at professional colleges, pursuing higher education degrees, and
obtaining external qualification certifications. The Company has established an In-service Degree Education Management Incorporate team development and talent
System that provides reimbursement and rewards in corresponding amounts to all regular employees who obtain cultivation outcomes into the annual Achieved
professional qualifications or higher education degrees, ensuring that our work in supporting on-the-job education has a performance evaluation indicators for
positive effect. During the Reporting Period, we granted RMB187,000 as awards for on-the-job education enhancements management cadres, clarifying accountability
to 114 employees, completing 118 incentive actions related to various on-the-job enhancement initiatives. These included for talent development
certifications, 10 vocational skill level certifications, and 48 professional technical titles.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
systematic quality control of products. In addition, the product laboratories of subsidiaries Geehy Microelectronics
Ninestar adheres to the principle that product responsibility comes first and is committed to delivering safe, reliable and and Ninestar Information Technology have been accredited by the China National Accreditation Service for Conformity
high-quality products through rigorous quality control and continuous improvement of user experience. Accordingly, Assessment (CNAS), further demonstrating the professionalism and authority of the Company's quality management
we continuously enhance our product quality management system and encourage subsidiaries to refine management system. The Company's products have also obtained multiple international certifications, including CE, UKCA, FCC, TELEC,
requirements in line with their business characteristics and product features. Lean quality management departments have EAC, RoHS, BIS and the White Swan Certification, fully meeting the legal and regulatory requirements for products and
been established to implement specific systems such as the Product Inspection and Control Procedures and the Mass services.
Production Quality Management Procedures . In addition, user experience teams have been set up within subsidiaries
to incorporate user feedback into the design and development of new products, thereby forming a positive closed-loop
mechanism.
Product certification
No.: LVD SZES2309005909AT
Ninestar strictly complies with the quality laws and standards of all jurisdictions in which it operates worldwide, such
Applicant: Zhuhai Pantum Electronics Co., Ltd.
Building 02, 06 and 08, No. 888 Shengping Avenue, Pingsha
Town, Zhuhai, 519000, Guangdong, China
Manufacturer: Same as applicant
as the Product Quality Law of the People's Republic of China and the Quality Management Systems—Guidelines for the
Product Name: Monochrome Laser Printer
Product Description: Laser printer
Model No.: See page 2
Application of GB/T 19001—2016 . The Company has formulated and implemented internal policies including the Quality,
Trade Mark:
Rating: 220 V - 240 V; 50 Hz / 60 Hz; 3,0 A
Protection against Electric Shock: Class I
Environment, Occupational Health and Safety Management Handbook and the Total Quality Management System ,
Additional Information: This verification replaces the previous verification No.
LVD SZES2202000818AT, dated 2022-04-15.
Sufficient samples of the product have been tested and found to be in conformity with
Test Standard: EN IEC 62368-1:2020+A11:2020
establishing lifecycle quality control covering product trial production, inspection, mass production, sales and after-sales
as shown in the
SZES210700477801
Test Report Number(s): SZES210700477801A1
SZES210700477801A2
service to ensure product consistency and reliability.
SZES210700477801A3
This Verification of Compliance has been granted to the applicant based on the results of tests, performed
by Laboratory of SGS-CSTC Standards Technical Services Co., Ltd. on sample of the above-mentioned
product in accordance with the provisions of the relevant harmonized standards under the Low Voltage
Directive 2014/35/EU. The CE marking as shown below can be affixed, under the responsibility of the
manufacturer, after completion of an EC Declaration of Conformity and compliance with all relevant EC
Directives. The affixing of the CE marking presumes in addition that the conditions in annexes III and IV of
the Directive are fulfilled.
Focusing on quality risk management, institutional development and target management, the Company strengthens
process control and conducts regular compliance inspections and quality sampling checks to fully implement responsible
Rocky Wang
Manager 2023-11-03
SGS-CSTC
product management and protect consumer rights and interests. In 2025, Ninestar continued to improve product
This verification is issued by the company under its General Conditions of Services accessible at https://www.sgs.com/en/terms-
and-conditions. Attention is drawn to the limitations of liability defined therein and in the Test Report here above mentioned which
findings are reflected in this verification. Any unauthorized alteration, forgery or falsification of the content or appearance of this
document is unlawful and offenders may be prosecuted to the fullest extent of the law.
Member of SGS Group (Société Générale de Surveillance)
compliance in areas such as product quality and safety assurance, internal process optimization and regulatory knowledge
training, thereby reducing risks related to product quality and safety.
Safety-VOC-F01/ Rev.1.0/ 2021-11-29
Page 1 of 2
Laser printer products have obtained authoritative certifications for electrical safety, electromagnetic compatibility (EMC)
and energy efficiency in 42 countries and regions worldwide. These certifications fully meet the stringent market entry
requirements of major international markets and demonstrate the products' outstanding performance in reliability and
safety, as well as their strong capability to comply with international standards.
Automotive chip products cover multiple categories including general-purpose microcontrollers (MCUs), ultrasonic sensors
and signal processors. The entire product line has passed ISO 26262 Functional Safety Management System certification,
EU CE-EMC certification and RoHS and REACH compliance testing, and has cumulatively obtained 17 AEC-Q100 Grade
subsidiary of Ninestar, is the first company in the Guangdong–Hong Kong–Macao Greater Bay Area to obtain the highest-
level ASIL-D certification under the T?V Rheinland ISO 26262 Functional Safety Management System, and successfully
passed annual audits for three consecutive years from 2023 to 2025, demonstrating that the Company's product safety and
reliability in the automotive electronics field continue to rank among the industry's leading levels.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar has established a "customer-centric" product lifecycle quality management system. Guided by internal policies Ninestar aims to work together with talents who share the same vision to shape its development blueprint and is
such as the Quality Risk Assessment Process , strict quality review, verification and monitoring activities are embedded at committed to building an innovative culture in which technical professionals can "enjoy their work." To this end, we
each stage to drive continuous product quality improvement across subsidiaries. At the same time, digital tools are used to attach great importance to the selection, development and appointment of innovative talent. Through scientific selection
build an end-to-end system platform covering key modules such as marketing, research and development, supply chain, processes and customized development programs, we fully stimulate employees' innovation potential and enthusiasm,
quality, human resources and finance. By focusing on core customer needs, the Company connects customers, products continuously driving the Company's technological innovation.
and services more closely, enabling the effective implementation of the quality management system.
Selection
Ninestar has established a systematic talent development framework and incentive mechanism, defining clear standards
Incoming Finished and specific, measurable criteria for the selection of innovative talent. Through both external recruitment and internal
In-process
material product development, fresh talent is continuously introduced into the R&D team.
inspection
inspection inspection
Development
Ninestar emphasizes cultivating innovative thinking and practical skills. By providing customized development plans, we
ensure that each employee has a personalized growth trajectory. We also offer training related to product branding and
technical modules, increasing the precision and efficiency of talent development while respecting individual employee
The Quality Inspection The production process is Sampling inspections are growth paths.
Department is responsible monitored through first-piece conducted on finished
for verifying and inspecting inspection, self-inspection/ products prior to shipment.
raw materials and externally mutual inspection and IPQC Non-conforming products
Incentives
processed products. Inspection patrol inspection. Any anomalies are returned to the relevant
methods include testing, identified are handled promptly and departments for rework through
measurement, visual inspection, recorded. Major issues are analyzed a Rework Notice, in accordance Ninestar has established more than 20 effective incentive mechanisms, including the R&D Technology Innovation
process verification or by the Quality Management with the Non-conforming Incentive Plan , the Group Patent Technology Innovation Incentive Method , the Project Incentive Management Measures
and the Proposal Reward System . These mechanisms stimulate the innovative vitality of research teams and individuals
verification based on supplier Department, which formulates Product Control Process .
through material, spiritual and knowledge-based incentives. In addition, a comprehensive innovation reward system —
certificates of conformity. corrective measures and initiates including quarterly awards, year-end awards, innovation contribution awards and patent awards — has been established
Materials that pass inspection risk assessments when necessary. to motivate R&D personnel to pursue technological innovation. The Company has also introduced a restricted stock
are labeled and stored, while Some subsidiaries have established incentive scheme, implementing equity incentives for mid- to senior-level R&D managers and key technical personnel,
non-conforming materials are dedicated personnel for full in- further strengthening the Company's technological capabilities and overall competitiveness in the printer industry.
isolated and returned. Key process inspection and specialized
materials are inspected in process quality inspection to
accordance with standards or ensure accountability for quality
sample verification reports. monitoring. Technological innovation practices
We focus on improving product performance and continue to introduce diversified and sustainable products through ongoing
technological innovation. Currently, Pantum Electronics has established six R&D centers in Zhuhai, Beijing, Shenzhen, Guangzhou,
Dalian and Hefei, and has developed comprehensive R&D organizational management systems and R&D investment accounting
To better meet user needs, Pantum and Ninestar Information Technology have established user experience teams to frameworks, providing strong institutional support for continuous innovation.
accurately identify and analyze user feedback and incorporate it into the design and development of new products. We
In addition, we actively explore new models of external strategic cooperation to promote
simulate customer usage scenarios and continuously refine our products to meet diverse customer quality requirements.
the sharing of technological resources and complementary capabilities, accelerating
In addition, we rely on information systems such as PLM, ERP, SRM and CRM to digitalize the entire quality management the development of an independent and controllable technology ecosystem. During
As of the end of the Reporting Period
chain. Process control is strengthened through EDA simulation and automated testing tools, while management tools such the Reporting Period, Pantum, a subsidiary of Ninestar, established strategic alliances
as BUGFREE are used to track and close quality exceptions, improving the efficiency and traceability of quality responses. integrating industry, academia, research and application with universities including
Wuhan University, Dalian University of Technology and Zhejiang University. By
introducing cutting-edge academic technologies, the Company has enhanced its
technological projects at the national level under the Ministry of Science and Technology obtained High and New Technology
Ninestar regards innovation as the foundation of its survival and adheres to the values of "courage in innovation, and at the provincial level in Guangdong, achieving outstanding results in printer
technology. Meanwhile, Kingway collaborated with Zhuhai Lingxin to successfully
Enterprise certification
continuous exploration and development through innovation," positioning R&D and innovation as the core driving force
develop a new Brother digital printer identification technology, breaking through
for corporate growth. The Company maintains a forward-looking technology strategy and has built a full-chain innovation original manufacturers' patent barriers and improving product production capacity.
system covering basic research, technological breakthroughs and industrial application. Focusing on key areas such as
chip design, printer main control systems and printing engines, Ninestar continues to advance technological self-reliance To promote internal collaborative innovation, Geehy Microelectronics and Pantum Electronics hold quarterly technology exchange
and upgrades while actively cultivating innovative talent, thereby establishing comprehensive technological leadership. meetings to deepen experience sharing and achieve complementary innovation capabilities, further strengthening the Group's
overall technological synergy.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Geehy won the Chip Innovation Award at the 2025 China RISC-V Ecosystem Conference Geehy and GAC Group jointly released the first domestic AK2 ultrasonic sensor chip
On February 28, 2025, the 2025 China RISC-V Ecosystem Conference, themed "Building the Ecosystem, On April 12, 2025, Geehy Microelectronics was invited to attend the "GAC Technology Day Launch Event,"
Sharing the Future," concluded successfully in Beijing. The conference was jointly organized by authoritative where it jointly announced with GAC Group the release of the first domestically mass-produced automotive-
domestic institutions and industry–academia–research organizations and attracted participation from grade chip — the AK2 ultrasonic sensor chip and a dual-channel DSI3 network transceiver chip. Designed
upstream and downstream companies in the global RISC-V ecosystem, research institutions and industry with "safe driving" as its core concept, the chip integrates automatic parking, environmental perception
experts. Geehy Microelectronics won the "Chip Innovation Award" at the conference with its MC series CPU and redundant safety technologies, aiming to provide more reliable and efficient foundational support for
cores based on the RISC-V architecture and the RV32EMC series printer security-certified SoC chips, marking intelligent vehicles. This collaboration marks a new stage of technological synergy between the two parties
breakthroughs in both open-source instruction set technology innovation and industrial application. in the automotive chip sector, successfully breaking through foreign technological barriers and adopting
a fully domestic supply chain, thereby injecting strong momentum into the independent development of
intelligent technologies in China's automotive industry.
Geehy showcased at Embedded World 2025: Driving the intelligent future of industry and energy
through innovative technology
Pantum "Elite Pro" printers supported China's Antarctic research expeditions
In 2025, Embedded World 2025 – one of the most influential global events in the field of embedded
technologies and systems – opened at the NürnbergMesse in Germany. Under the theme "Geehy MCU+: With its exceptional ruggedness and secure, controllable performance, Pantum printers were selected
Empowering Customer Application Innovation," Geehy Microelectronics showcased full-scenario solutions in November 2025 as designated products for China's polar expeditions and accompanied the research
covering four major sectors: industrial control, automotive electronics, smart home and smart energy. vessel Xuelong on the successful completion of China's 42nd Antarctic scientific expedition. Under extreme
We demonstrated our core technological breakthroughs and industrialization achievements to global conditions of severe cold, high humidity and constant vibration, the printers achieved outstanding
customers and partners, introduced our first newly launched high-end real-time control MCU and previewed performance with "continuous printing of 400,000 pages and a paper jam rate below 0.02‰ ," setting a
two new motor gate driver products, conveying our commitment to driving industrial transformation and world record. Leveraging four core technologies –multi-roller collaborative paper feeding, triple stable
global intelligent upgrading through technological innovation. transmission, ceramic low-temperature heating and high-strength document feeder hinges – the Pantum
"Elite Pro" series printers demonstrate exceptional durability and environmental adaptability. The products
are also equipped with Trusted Computing 3.0 technology, ensuring that all printing outputs remain secure
and controllable through functions such as memory clearing, OPC information deletion and encrypted
transmission, thereby safeguarding scientific research activities.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar places a high priority on intellectual property (IP) protection and has implemented a comprehensive IP risk
management strategy to address potential risks related to patents, copyrights, and trademarks. IP risk assessment is In 2025, Ninestar promoted the intelligentization of after-sales services by launching an AI-powered platform that
integrated into the workflows of all business departments and modules. By conducting risk assessments and identification supports rapid retrieval and response to customer inquiries and complaint-related information, thereby improving service
at each stage of the product lifecycle, we develop effective risk mitigation plans and generate assessment reports to efficiency. Among these initiatives, G&G introduced a new "G&G New Service" after-sales service platform, focusing on user
ensure effective prevention and control of IP risks. experience and covering all service scenarios to provide customers nationwide with standardized, convenient appointment
booking, rapid response and visible progress tracking in a one-stop service system. The platform has established strict
In 2025, the Company procured the PatSnap global patent database and its AI tools to enable intelligent tracking of
engineer certification standards and aims to build a highly experienced engineering service team. Meanwhile, G&G
industry patent developments and early warning of potential risks. Meanwhile, the Company established an internal and
continued the "G&G Service Express" initiative, reaching government agencies, hospitals and communities to proactively
external coordinated infringement detection mechanism, encouraging internal marketing and sales teams to promptly
provide printer inspections, maintenance services and one-to-one solutions. With its outstanding service quality, G&G was
report intellectual property infringements to the legal department. A reporting reward mechanism has also been
awarded the "Five-Star After-Sales Service Certification," the first nationally approved cross-industry service certification
introduced to encourage agents and end users to report counterfeit activities in a timely manner, effectively safeguarding
issued by the Ministry of Commerce.
the Company's innovative achievements and brand reputation.
IP training IP incentive
Progress
Targets
An annual user satisfaction survey is
Ninestar conducted systematic training for Ninestar takes innovation as the engine of its
conducted.
management and employees on IP protection. development and continues to strengthen
R&D personnel received education on risk core technology R&D and IP deployment. The Customer complaint response rate reached
prevention, while management personnel were Company has formulated the Patent Technology 100%.
briefed on copyright, patent, trademark, and Innovation Incentive Method and established four Continue to lower the product rework
advertising laws. In addition, Ninestar established categories of awards, including the Technology rate Major products have obtained multiple
an online learning platform for employees to Innovation Award, Patent Innovation Award, international safety certifications.
Improve service system management
cultivate IP awareness and protection capabilities. Innovation Contribution Award and Patent Talent
maturity During the Reporting Period, multiple
Award. Through an open, fair and transparent
specialized intellectual property training
evaluation mechanism and competitive bonus Enhance user experience
sessions were conducted, with more than
incentives, the Company recognizes employees'
Intensify IP protection 843 person-times participated.
outstanding contributions to technological
breakthroughs and patent creation, encourages As of now, the Company holds 4,178 patents
active participation in technological innovation worldwide5, covering products, technologies
activities and injects strong momentum into the and services.
Company's long-term value creation.
Due to the disposal of Lexmark International's business, the total number of patents held by Ninestar worldwide has decreased compared with the
previous year, which represents a normal change resulting from business adjustments.
Ninestar is committed to improving product and service quality in return for customers' trust and choice. We regularly
conduct customer satisfaction surveys and send questionnaire links and QR codes to customers via email, WeChat and
other electronic communication tools to gain in-depth insights into customer evaluations of the Company's product
quality, delivery efficiency, after-sales service and brand image. Dissatisfied feedback or reported issues are recorded and
included in a tracking register. A customer follow-up mechanism is established, and designated personnel are assigned to
follow up on issues until they are fully resolved.
At the same time, we have established and improved our customer complaint handling mechanism. Management
policies and operational guidelines such as the Customer Complaint Handling Control Procedures and the Domestic
Sales Customer Complaint Handling Process have been issued to ensure standardized and efficient complaint handling
processes. We have also established diversified customer complaint channels, including WeChat, email, the official
website, telephone hotlines, mini-program feedback and website customer service, ensuring that customer opinions can
be promptly and accurately conveyed to relevant departments and addressed in a timely manner.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
ISO 27001:2022
Ninestar firmly seeks to eliminate any risk of information and privacy leakage in its operations. By leveraging technological
safeguards, institutional controls and continuous improvement, the Company has established a comprehensive, dynamic
and sustainable information security protection system to effectively strengthen information security and privacy
protection.
Ninestar has established a dedicated Information Security Management Committee, composed of professionals in the
field of information security. The Committee is responsible for coordinating the development of information security
management systems for all of the Group's subsidiaries, ensuring the effective protection of the Company's information
assets and the orderly implementation of information security initiatives, fostering a secure and reliable information
environment.
Ninestar strictly complies with relevant laws and regulations, including the Data Security Law of the People's Republic of
China and the Cybersecurity Law of the People's Republic of China . The Company has formulated internal policies and
standards including the Personal Information Protection Management Measures , the Personal Information Protection
Compliance Guidelines , the Information Security and Confidentiality Management System and the IT Incident Response
Procedures , clearly defining management requirements for each stage of information processing and comprehensively
implementing the institutional framework for information security and privacy protection. In 2025, Geehy Microelectronics
introduced the Information Security Reward and Penalty Management Measures , establishing clear incentive and
disciplinary mechanisms to encourage all employees to actively participate in information security efforts.
We continuously implemented, maintained, and improved
the Company's information security management system. Level 3 information security classified protection certification
Several Ninestar subsidiaries have obtained Level 3
Information Security Classified Protection Certification
and ISO 27001 Information Security Management System
Certification. To ensure continued compliance with security
standards, we also engage external organizations to conduct
珠 海 赛 纳 视 博科 技 有 限 公 司 珠 海 纳 思 达 智数 电 子 商 务 有 限 公 司
annual ISO 27001 audits of major subsidiaries every year, all
of which were successfully passed during the current year.
三 T o C 定 制 眼 镜 云 平台 三 纳思达智数
Ninestar adheres to the "principle of least privilege" and strictly restricts data access levels. We have adopted a series of
comprehensive measures to enhance overall information security, including physical access control, application system
access control and cybersecurity development. These measures effectively prevent and respond to various information
security threats, providing strong protection for the Company's business operations and customer data.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Physical access control
We have established a monitoring system. Through
monitoring, we implement supervision and traceability Data environment security Ninestar enhances cybersecurity awareness among all employees through
for the areas with different security levels, such as various training and publicity activities, including email phishing exercises,
office areas and production workshops. We have also A WAF application firewall has been deployed.
information security knowledge competitions, and daily information
developed zoned and hierarchical management and Sensitive information must be transmitted in
encrypted form, and sensitive content is masked security reminders. We provide specialized information security training
control for personnel, set up different access control
areas for different personnel, containing access control according to different business scenarios. Based and assessments for new employees. We also engage external professional
systems, metal detection doors and illegal intrusion on personnel roles and operational requirements, organizations to conduct regular thematic training sessions for employees
alarms, etc. access to application systems is granted across various departments. We use online channels to disseminate
through application and approval procedures.
information on information security laws and regulations, cybersecurity
Administrators access systems through bastion
hosts, while external users access the internal basics, information classification and confidentiality, and internal
corporate network via VPN and VDI, ensuring the communication guidelines, reinforcing the importance of information
Cybersecurity development principle of least privilege. security and privacy protection among all employees.
We have built a company-wide security domain, In 2025, Geehy Microelectronics launched a cybersecurity awareness
implemented three-network isolation, and assigned
Security hardening initiative themed "Information Security Water Droplets", providing basic
network access permissions based on responsibilities.
We have adopted dual redundant links to prevent cybersecurity education and training for all employees. The program
A vulnerability scanning system has been
potential external attacks. We have also established included weekly cybersecurity awareness posters ("Water Droplets"),
deployed to conduct regular scans and strengthen
a threat trapping and deception system (honeypot) risk mitigation capabilities. Optimization of patch quarterly online quizzes and an annual cybersecurity awareness month,
to simulate vulnerabilities, attract attackers, and management platforms and antivirus platforms thereby increasing employees' attention to cybersecurity.
collect information for proactive defense. Additionally, has been implemented, and departments
we utilize situational awareness and early warning synchronize patch update requirements in a This year, we conducted three information security-related training
platforms to monitor abnormal conditions and provide timely manner to ensure effective vulnerability sessions with a total of 4,349 participants.
timely alerts. remediation. The deployment of honeypot systems
has shifted the Company's approach from passive
Information security audits defense to proactive defense, comprehensively
enhancing system security and stability.
A bastion host system has been deployed to conduct 7.5.4 Metrics and Targets
independent audits and data analysis of remote access
Cybersecurity resilience
activities. ZhianShield devices provide user operation
screen recording and log recording functions. The
The Company conducts recovery drills each year
wireless management console records, audits and
for 27 core business systems. In 2025, a total of
analyzes user behavior when accessing the internet
Targets
via wireless networks. In addition, the LAS log analysis
systems are capable of rapid recovery in the event
system has been deployed to monitor system operation
of external attacks or force majeure situations.
status and potential security threats in real time.
Three-year objective: Perform refined security Progress
management of the Group, intensify software
and network security management, and carry
out audits of databases and codes
Five-year objective: Realize data grading and
During the Reporting Period, Ninestar did not experience any violations or litigation related to
classification, continue to improve the "three
center in two cities" architecture, and upgrade Three-year objective: Achieved
information security or privacy protection. the hybrid cloud architecture deployment
Five-year objective: In progress
In the following three to five years: Expand
Three-five year objective: AI security control
cloud and AI security control from the aspects
measures are currently being deployed and
of network security, application security, system
implemented
in order to support and facilitate our business No customer privacy leakage incidents
We conduct regular information security audits and risk assessments. On a quarterly basis, professional third parties are development occurred during the year
engaged to perform IT audits of key departments, while company-wide internal special audits are conducted annually.
For issues identified during inspections, responsible departments are required to develop corrective measures and Ensure that no customer privacy leakage
implementation plans, and progress is continuously tracked until the issues are fully resolved. In addition, to address incidents occur
potential information security risks, we have established an emergency response mechanism and conduct simulations
of various information security incident scenarios to further enhance our emergency response capabilities in information
security.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar always places employees' occupational health and safety as a top priority. The Company continuously improves In 2025, the major subsidiaries of Ninestar obtained ISO 45001:2018 Occupational Health and Safety Management
its occupational health and safety management system, enhances risk prevention and accident response capabilities, and System certification. As of the end of the Reporting Period, a total of 10 entities under Ninestar had obtained ISO 45001
is committed to creating a healthy, safe and zero-injury working environment for all employees. Occupational Health and Safety Management System certification.
We strictly comply with the Law of the People's Republic of China on the Prevention and Control of Occupational Diseases,
the Work Safety Law of the People's Republic of China, the Provisions on the Administration of Occupational Health at
Workplaces, and other applicable laws and regulations. We have established safety management systems, including
the Occupational Health Management System, the Occupational Hygiene Management System, the Occupational
Hazard Prevention Responsibility System , the Regulations on Hazardous Operations Management , and the Fire Safety
Implementation System . We have built a dual prevention mechanism of hierarchical safety risk control and hidden danger
investigation and rectification, effectively preventing major and severe safety incidents. This year, we have continuously
improved our occupational health and safety management system. Based on actual conditions, we have introduced new
safety management regulations, including the Employee Physical and Mental Health Management Regulations, the Hazard
Identification and Risk Assessment Regulations, and the Occupational Hazard Warning and Notification Regulations, all of
which are strictly implemented by each department in accordance with the requirements of the systems.
We have established a Group Safety Committee Office responsible for coordinating all matters related to occupational
health and safety production. In addition, we have set up dedicated safety management teams in our key subsidiaries to
oversee daily safety management. Regular safety management meetings are held on a weekly, monthly, and quarterly
basis to guide working groups in conducting daily work safely and orderly.
To implement safety production responsibilities, we have adopted an all-staff accountability system, requiring personnel
at all levels to sign safety responsibility agreements. We have standardized the appointment procedures for key safety
personnel and safety management staff, and procured professional insurance products such as safety production liability
insurance and forklift insurance to protect employees' health and safety.
ISO 45001:2018 Occupational Health and Safety ISO 45001:2018 Occupational Health and Safety
Management System Certification of Zhuhai Ninestar Management System Certification of Zhuhai Pantum
Information Technology Co., Ltd. Electronics Co., Ltd.
To integrate occupational health and safety management into daily operations, Ninestar carries out routine occupational
health and safety initiatives, strengthening employee safety protection from multiple aspects including facilities and
equipment, workplace conditions, employees' physical and mental health and safety awareness.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Provision of safety equipment
Building a strong safety production line: "Work Safety Month" campaign
We are committed to providing employees with a safe and healthy working environment and continuously equip On June 3, 2025, INK-TANK, a subsidiary of Ninestar, launched the 2025 "Work Safety Month" campaign.
employees with necessary safety protection facilities and labor protection equipment. Occupational hazard Centered on the theme of "everyone talks about safety, everyone knows emergency response—identify
prevention facilities such as ventilation systems, noise reduction and dust removal systems are installed in
safety hazards around you," the event re-mobilized and redeployed the Company's work safety initiatives,
production workshops, and emergency facilities such as medical rooms and eye wash stations are provided. In
addition, 24-hour surveillance cameras are installed to identify hazardous behaviors, reducing the likelihood of further strengthening employees' safety awareness and reinforcing the Company's safety production line,
production accidents and ensuring workplace safety. while deepening its safety culture. Senior management responsible for production safety, the Vice President
of Production, Chairman of the Trade Union, Technical Director, Production Director, and key personnel
above departmental supervisors attended the launch ceremony.
Regular safety inspections
The Company has established a routine hazard identification mechanism and integrated safety inspections into
daily management. A three-tier safety inspection framework has been implemented: safety officers in production
departments conduct daily on-site self-inspections and self-corrections; safety management teams organize
quarterly inspections covering key areas such as noise control, hazardous chemicals management and lightning
protection for buildings; and the safety supervision department performs monthly spot checks and reviews.
Identified issues are subject to time-bound rectification and closed-loop management to ensure that safety risks Safety Month promotional slogans Safety Month promotional display Launch ceremony of the assembly
are eliminated in a timely manner. boards department's Work Safety Month
activities
Regular emergency drills to strengthen the safety "firewall"
Special safety inspections
For major hazard sources and high-risk areas, the Company conducts special safety inspections on a quarterly basis The Company continuously enhances employees' safety skills through routine emergency drills. Quarterly
and engages third-party professional institutions to perform annual inspections of fire safety, special equipment fire evacuation drills are conducted for all employees to ensure they are proficient in fire response
and dust removal systems. For the introduction of new equipment or process changes, pre-risk assessments are
procedures and evacuation protocols. Targeted chemical leakage emergency drills are also organized
conducted and targeted control measures are implemented to ensure that risks remain under control.
to strengthen practical capabilities in containment and environmental decontamination. These drills
effectively validate the feasibility of emergency plans and help embed the concept of "everyone talks about
safety, everyone knows emergency response" into daily operations.
Health examinations of employees
The Company provides free occupational health examinations throughout the entire employment cycle, covering
pre-employment, during employment and post-employment stages, with additional specialized examinations for
employees exposed to occupational hazards. Through trend analysis of annual health examination data, potential
occupational disease risks are proactively identified and timely interventions are implemented to safeguard
employees' health. We also commission professional testing institutions each year to conduct comprehensive
assessments of occupational hazard factors in the workplace and carry out rectifications based on the evaluation
recommendations within specified timeframes.
Fire drill
Promotion of safety culture
The Company integrates safety training into employees' daily work. New employees are required to complete three-
level safety education upon onboarding, and employees engaged in special operations or hazardous positions must
undergo annual retraining and hold valid certifications. Through activities such as Work Safety Month campaign, various
emergency drills and specialized training in areas including dust explosion prevention and emergency rescue, the
Company continuously enhances safety awareness among all employees. Chemical leakage emergency rescue drill
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Occupational Safety Management Performance
Coverage rate of work- Number of safety Work-related
related injury insurance production accidents employee fatalities 7.7.1 Governance
throughout the year
development strategy. The Company focuses on core social needs and collaborates with multiple stakeholders to
deepen efforts in areas such as education accessibility, rural revitalization, environmental protection, and community
engagement. Through diverse and sustained philanthropic actions, the Company conveys care and commitment,
promoting the coexistence and integration of corporate development and social value, and contributing solid strength to
Total training hours for work Number of participants in work Coverage rate of work safety and sustainable social development.
safety and occupational safety and occupational health occupational health training
health training approximately
The Company has established a public welfare implementation strategy characterized by "precise focus, multi-stakeholder
collaboration, internal motivation, and long-term commitment," and built a public welfare system of "Group leadership +
employee participation + partner collaboration." The Company precisely identifies social livelihood and development pain
points, deepens cooperation with foundations, universities, and professional institutions; activates employees' intrinsic
motivation for public welfare, creating a model that integrates internal mutual support with external volunteering; and
promotes systematized, professional, and sustainable public welfare initiatives to ensure precise allocation of resources to
Progress
Targets
Ninestar continuously responds to social needs by advancing public welfare initiatives, partnering with charitable
organizations on programs such as critical illness assistance, educational support, and ecological protection. The
Zero major casualty accidents for the year Company also actively responds to the rural revitalization initiative and supports rural development through long-term
No major casualty accidents, fire, explosion,
action, contributing warmth and sustainable value to society. In 2025, the Company's total investment in public welfare
Zero fire, explosion, and environmental environmental safety incidents, or
amounted to RMB10.45 million.
safety incidents for the year occupational diseases (or suspected cases)
occurred during the year.
Zero occupational diseases or suspected
occupational disease cases for the year The training coverage rate for new
employees' "three-level safety education,"
in "three-level safety education," job and monthly fire safety training, the
reassignment, return-to-work training, and certification rate for employees in special
Ninestar Love Program
monthly fire safety training equipment, special operations, and
hazardous operations, the occupational In 2024, in cooperation with the Lanzhou University Education Development Foundation, the Company
special equipment, special operations, and employment, in-employment, and post- of education and environmental protection, and the Company will continue to carry out public welfare
hazardous operations employment), and the safety hazard activities in culture, education, and environmental protection in the future.
rectification rate all reached 100% in the
Reporting Period.
employment, and post-employment
occupational health examinations
Ninestar Corporation 2025 Environmental, Social, and Governance Report
The Group actively fulfills its corporate social responsibility by building a responsibility ecosystem that integrates internal Ninestar has long been committed to supporting education, with a focus on advancing scientific and educational
and external public welfare practices. innovation and promoting equitable access to resources. It contributes to the growth of young people and the
advancement of educational equity by supporting cutting-edge research, improving grassroots teaching environments,
Internally, the Group established the "Ai Xin ( 艾心 ) Fund" to build a regular mutual assistance mechanism for employees, nurturing young talent, and facilitating the broader distribution of high-quality educational resources, thereby
providing support to employees facing temporary difficulties due to illness or family emergencies. In 2025, the Fund contributing steadily to long-term social development.
received RMB51,500 in voluntary employee donations, and RMB14,528.96 was raised through charity sales activities.
Throughout the year, assistance was provided to 5 employees in need, with total actual expenditures amounting to
RMB131,116. The fund provided tangible support to employees and their families during critical times, effectively
Case Supporting education development
enhancing employees' sense of belonging and corporate cohesion.
On August 2, 2025, the Group organized 40 employee volunteers to carry out a beach cleanup activity along the coastline In 2025, the Company donated RMB100,000 in cash and 39 printing devices to Chishui No. 1 Middle School in
of Qi'ao Island. This initiative enhanced employees' environmental awareness and sense of social responsibility, while Guizhou Province, continuously supporting the optimization of educational resources and contributing to the
demonstrating the Company's commitment to ecological civilization through concrete action. development of secondary education.
The Company also established a RMB200,000 scholarship fund at Yiping Primary School in Henan Province to
learning and well-rounded development, contributing to the cultivation of future talent. As of the end of the
Reporting Period, a total of RMB60,000 had been disbursed.
The Group fully recognizes the power and importance of community engagement and actively responds to national
initiatives by supporting community economic development and infrastructure upgrading, continuously exploring In addition, to support the development of education in Xiangzhou District, Zhuhai, and to promote the all-round
innovative models of community development. At the same time, the Company strengthens public health protection development of students in moral, intellectual, physical, aesthetic and labor education, the Company donated
through epidemic prevention donations and empowers grassroots governance through volunteer initiatives. From the RMB120,000 and 6 printing devices. These were used to support the Xiangzhou District Primary and Secondary
implementation of community building to the deep cultivation of livelihood services, every action contributes warm School Basketball Championship and Badminton Championship, contributing to the advancement of quality-
energy to the development of better communities. oriented education in the region.
Case Supporting rural epidemic prevention and control
In active response to government calls for public health emergency prevention and control, and to strengthen
grassroots epidemic prevention capacity, the Company focused on rural areas, which are both key regions for the
prevention of mosquito-borne diseases such as Chikungunya fever and relatively vulnerable in terms of epidemic
control. Accordingly, the Company donated RMB40,000 in targeted epidemic prevention funds to support rural
epidemic prevention and enhance local public health capabilities.
Pantum Cup 2025 Xiangzhou District Primary and Pantum Cup 2025 Xiangzhou District Primary and
Secondary School Basketball Championship Secondary School Badminton Championship
Donation of
RMB 100,000 inSchool,
cash to Chishui No. 1 Middle
Guizhou Province 39 printing devices
Establishment of a
scholarship fund at
Mosquito control and disinfection
RMB 200,000 Yiping Primary School,
Henan Province
RMB 60,000 disbursed as of
the end of the
Reporting Period
To further deepen its corporate social responsibility system and explore diversified, sustainable, and employee-led public Donation of
welfare innovation models, the first employee-initiated and employee-led "caring volunteers" group has completed its
preparation. Going forward, the Company will further improve its employee public welfare incentive and empowerment
system through institutional support, resource allocation, and professional training, encouraging more employees to
RMB 120,000 to Xiangzhou District, Zhuhai 6 printing devices
join the volunteer team and deeply participate in community governance practices, with a focus on community building,
community charity, and livelihood services.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Case Ninestar Love Reading Program
Ninestar continues to focus on ecological and environmental protection. Over more than a decade, the Company has
supported environmental initiatives, planting approximately 76,000 saxaul trees and stabilizing 1,140 mu of desert land,
To foster reading capabilities among rural children and meet their reading needs, Ninestar donated funds to
thereby actively practicing its green development philosophy.
the Nanyang Charity Federation to establish "Love Reading Corners." As of the end of the Reporting Period,
the program had supported the establishment of 1,051 reading corners in Nanyang, Henan Province, equipped
with a total of 85,951 books. The collection covers a wide range of categories, including natural sciences, fairy Case
tales, social sciences and humanities, picture books, and classic literature. In total, 1,051 classrooms have been
Ulan Buh Desert Desertification Control Project
equipped with reading corners, benefiting approximately 33,000 students.
Committed to green and low-carbon development, Ninestar has remained actively engaged in environmental
protection initiatives. Since joining the Society of Entrepreneurs and Ecology Conservation (SEE Conservation)
in Alxa in 2014, the Company has been dedicated to the mission of "leveraging green technology to sustain life
on Earth." In 2025, Ninestar donated RMB1 million through the "Ninestar Love Program" under the Lanzhou
University Education Development Foundation to support desertification control efforts in the Ulan Buh Desert,
Alxa League, Inner Mongolia Autonomous Region. A total of 560 mu of desert land was rehabilitated, with 47,000
saxaul trees planted.
Desertification control in the Ulan Buh Desert, Alxa League
Ninestar Love Reading Program Sand barriers
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar upholds the philosophy of full life-cycle environmental management, integrating the concepts of green
Ninestar continuously increases investment in clean technology products to reduce product energy consumption.
innovation and circular economy into all stages, including design, manufacturing, transportation, and recycling.
We have also established the R&D Technology Innovation Reward Program to incentivize teams to conduct clean
technology R&D. For details, please refer to Section 7.4 Responsible Products.
Ninestar incorporates green product development into its product management system and deeply embeds green and Material procurement
sustainable development principles, establishing a product R&D management model featuring "independent development
by product lines with group-level coordination." Across its three major product lines, each product and R&D department We promote the development of a green supply chain by prioritizing cooperation with suppliers that possess
independently advances the implementation of clean production technologies, green product innovation, and iterative appropriate qualifications and meet environmental compliance requirements, and by procuring eco-friendly
application of green packaging technologies, based on market conditions, technological trends, and core customer materials, components, and packaging. We also enter into environmental standards agreements with our
needs, ensuring alignment with the specific green development requirements of each product line. At the Group level, a suppliers, clearly defining the responsibilities and control measures of both parties.
Technology Committee has been established as the central body for coordinating green technology initiatives. It promotes
cross-product-line sharing and collaborative R&D of green technologies, conducts research on major technical challenges,
and performs professional reviews of technical solutions. This initiative breaks down internal technical barriers between
product lines, strengthens the technical foundation for green product development and industrialization, and ensures that
Product specification
green development principles are embedded throughout the entire product lifecycle.
Ninestar has formulated management standards, including the Regulations for the Management and Control of
Hazardous Substances and the Control List of Hazardous Substances . The company strictly complies with domestic and
Substances in Electrical and Electronic Equipment , the Restriction of Hazardous Substances in Electrical and Electronic
Ninestar regards clean technology innovation as a core driver of future technological development and has incorporated it
Equipment (RoHS), and the Regulation on the Registration, Evaluation, Authorization and Restriction of Chemicals
into its overall strategic planning. We have established an implementation mechanism for our clean technology innovation
(REACH). We use compliant raw materials, and strictly control the use of chemical substances, including lead, cadmium,
strategy, as outlined below:
mercury, and hexavalent chromium.
Research Pantum has formulated the Product Environmental Specification of Zhuhai Pantum Electronics Co., Ltd. , which clearly
stage The new technology research department conducts dedicated research on cutting-edge clean identifies potential environmentally hazardous substances in externally procured products, components (including
technologies to build theoretical foundations and validate technical feasibility. finished goods), and materials. Based on Pantum's environmental strategy, the Company establishes specific restriction
conditions and limits, and requires all suppliers and outsourced manufacturers to comply.
Introduction
stage The product development department systematically integrates mature clean technologies into
new product development projects.
Product recycling and reuse
The testing department conducts testing and verification of key indicators related to clean
Testing stage
We value the recyclability, degradability, and reusability of products. To standardize packaging design, we
technologies.
have established the specifications including the Packaging Design Specification, Design Regulations on Toner
Cartridge Packaging Process, the Design Regulations on Packaging Process of Ink Cartridge and Ink , and General
Chip Packaging Specification . We advocate the use of eco-friendly materials to improve the competitiveness in
Certification
stage The certification department carries out energy efficiency and other relevant certification
assessments for products incorporating clean technologies. logistics costs and minimize packaging waste.
We continuously increase R&D investment in the field of clean technology. We plan to invest over RMB 500 million between
optimization technologies, and low-power chips. In 2025, Pantum invested RMB130 million in printer R&D, with
product design and manufacturing aligned with ENERGY STAR certification requirements and relevant domestic energy
consumption standards.
We have simultaneously established a clean technology product database covering low-power energy-saving printers,
The number of product models compliant The number of product models that passed
Unismart devices, low-power chips, high-efficiency compatible consumables, and environmentally friendly recycled
with RoHS directive requirements reached REACH testing reached
consumables. Furthermore, we have also regularly disseminated and reinforced the clean technology concept within all
R&D departments, emphasizing green product innovation and application.
In addition, Ninestar has established a systematic green management system covering the entire product life cycle,
encompassing R&D, procurement, manufacturing, and recycling. Through improving regulations and increasing R&D
investment, the Company implements green product management.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
In June 2025, the "Pantum Elite Pro Series · Breaking New Records
Again" Campaign & the Launch Event for Service Devices for the
Ninestar focuses on the R&D of clean technologies, with an emphasis on energy solutions for household products, as well
as the development of energy consumption optimization technologies and systems, to create low-energy-consumption
"Elite Pro Series" achieves outstanding printing performance while
usage scenarios for users.
systematically enhancing energy efficiency and resource utilization.
The series can continuously print more than 400,000 pages, with a
paper jam rate lower than 0.02‰ . It has been recognized by the World
Energy efficiency standards for newly mass-produced printer models in 2025: Record Certification as the "World's Outstanding Heavy-Duty and
Reliable Printer Series".
The CM2800 series commenced mass production and obtained Level 1 Typical Energy Consumption certification
under the Minimum Allowable Values of Energy Efficiency and Energy Efficiency Grades for Copier, Printer and In the paper feeding and transmission system, the product adopts
Fax Machines (GB21521-2014), as well as EU ERP energy efficiency certification. multi-roller coordinated paper feeding technology and triple-stable
transmission technology, ensuring smooth paper feeding, precise
The CM800/BM800 series also entered mass production during the year and obtained Level 2 Typical Energy
separation, and long-term high-precision stable operation.
Consumption certification under the Minimum Allowable Values of Energy Efficiency and Energy Efficiency
Grades for Copier, Printer and Fax Machines (GB21521-2014). In the fusing stage, the printer features a new ceramic low-temperature
heating technology that enables instant startup, minimal temperature
rise, and low energy consumption, effectively reducing electricity
consumption during printing. Additionally, a high-strength document
Energy-saving technology development in 2025: feeder hinge is integrated to enhance reliability under high-load and World Record Certification Certificate
complex operating scenarios, thereby reducing maintenance and of Elite Pro Series
replacement frequency.
Elite Pro series: Structural optimization of printers and integration of energy-saving technologies
(see the case below); For intelligent consumable optimization, Pantum integrates AI-powered image recognition toner-saving
Algorithm optimization: The team implemented a thermal history control algorithm that technology and intelligent black-and-white text enhancement technology. While ensuring sharper text and
dynamically adjusts heating time based on real-time printhead temperature and print content, clearer lines, the system automatically optimizes both black and color toner usage, achieving consumable
Printing
preventing excessive energy consumption from overheating. Motor driving current is automatically reduction.
equipment
optimized according to print media type and speed, significantly reducing overall equipment energy
consumption. With the above integrated energy-saving design and performance, the series has obtained China Energy
Conservation Certification Level 1 (highest energy efficiency rating).
Torque optimization:
A systematic optimization was conducted on toner cartridge operating torque and printer load. By
collecting and analyzing motor load during printing as well as the contact pressure between OPC
Compatible and developer roller (DR), the team deeply analyzed the torque variation curve of toner cartridges
consumables and quantitatively evaluated the friction characteristics of felt components. By integrating structural
design and component parameter optimization with printing quality validation, printer operating
load was significantly reduced. This extended the service life of motor assemblies by approximately
Ultra-low power consumption:
Geehy achieved key technological breakthroughs in ultra-low power consumption. By leveraging
LPBG and related technologies, the chip's standby total power consumption is controlled below 2 μA,
reaching internationally leading ultra-low power levels and significantly extending the battery life of
Chip battery-powered devices. The R&D team made multiple innovations in low-power architecture design,
products circuit optimization, and process control, effectively achieving targeted power efficiency goals. With
the continued advancement of Industry 4.0, large-scale adoption of this technology is expected to save
energy at the megawatt-hour scale. Its application in robotics can significantly enhance the endurance
of humanoid robots, promote the adoption of green intelligent devices, and support the development of
"Pantum Elite Pro Series · Breaking New Records Again" Campaign & the Launch Event for Service Devices for the
sustainable social infrastructure.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Case Green energy, digital innovation: Official release of Geehy G32R501
fully digital bidirectional power supply reference solution
Ninestar achieves extended product service life through innovative product design enabling multiple reuses and capacity
To address the power industry's demand for high efficiency, low cost, and bidirectional operation capability, expansion. These design optimizations not only reduce production costs, but also increase the reuse rate of products and
Geehy launched the G32R501 fully digital bidirectional power supply reference solution, achieving coordinated components, promoting the transformation from a linear "production–use–disposal" model to a circular utilization model,
improvements in energy efficiency and performance. The solution is based on a single G32R501 real-time control effectively reducing resource consumption and waste generation.
dual-core MCU and adopts a two-phase interleaved totem pole PFC and LLC resonant converter two-stage
power topology. Combined with traditional silicon MOSFETs, it enables bidirectional soft-switching operation,
Case
significantly reducing energy loss while ensuring high reliability.
Launch of PFI-3700 series wide-format ink cartridges
In terms of energy-saving design, the solution adopts high-computing-power single-chip control, modular
integrated design, and closed-loop interleaved parallel technology, enabling full-range soft switching of the
PFC, reducing current ripple and harmonics, and improving light-load efficiency. Both AC-DC and DC-DC stages For Canon PFI-3700 series printers, INK-TANK launched compatible PFI-
support soft switching and bidirectional control. The peak efficiency in rectification/inversion mode exceeds 3700 series wide-format ink cartridges, focusing on extending consumable
product is applicable to communication power supplies, server power supplies, and portable energy storage advanced ink formulations and refined manufacturing processes to
systems, supporting green and efficient power applications. achieve stable and high-quality color performance. They are also equipped
with a large 700mL ink tank, effectively extending the usage cycle of a
single cartridge, significantly reducing replacement frequency, minimizing
downtime and maintenance requirements, and improving overall printing
continuity and equipment utilization efficiency. 700mL high-capacity ink volume
Case HP924 series "chip separation + chipless cartridge" reuse and
recycling innovation project
The HP924 series "chip separation tool + brand-new chipless cartridge" project represents an important practice
by Ninestar in extending the lifecycle of consumables. Through innovative design, it gives core components a
second life and promotes a sustainable consumption model.
In traditional integrated cartridges, even when ink is exhausted, the functional chip is often discarded
together with the cartridge. To address this, we introduce a dedicated chip separation tool that allows users
Geehy G32R501 fully digital bidirectional power supply to safely and non-destructively remove the original chip from empty cartridges. At the same time, we provide
environmentally friendly new chipless cartridges. Users can complete assembly through simple adhesive
bonding, enabling the printer to fully recognize and use the cartridge. This significantly improves resource
utilization efficiency. The project effectively extends the service life of printing chips, reduces electronic waste
Ninestar has established a systematic clean technology product portfolio, covering printers using energy consumption and plastic waste, and achieves a win-win outcome in environmental benefits and user experience.
optimization technologies and energy solutions, remanufactured compatible consumables, low-power chips, and
environmentally friendly reset chips. In 2025, the sales revenue of our clean technology products amounted to RMB7.592
billion, accounting for 46% of the total sales revenue.
Highlight data:
This year, the sales revenue of our clean accounting for
technology products amounted to RMB
HP924 series circular innovation project
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Case T08Q/N series refillable nozzle reuse and recycling design project During the Reporting Period, we continued to optimize product packaging:
Product sales packaging mainly uses recyclable plastic bags such as PET and PE. Some
The T08Q/N series refillable nozzle circular design products use recyclable POF heat-shrink film. Plastic packaging materials mainly include
project reflects the sustainability concept of "reduce, OPP, OPP+CPP composite film, POF, PET, and other environmentally compliant materials.
reuse, and recycle." It upgrades the traditional single-
Selection and In certain regional markets (e.g., Japan), outer paper boxes are not used or are used
use consumables model into a recyclable refill system, minimally to reduce paper packaging at the source.
application
significantly extending product lifecycle and improving of packaging Common packaging carton materials include coated paper, grey board, corrugated
environmental performance. materials cardboard, and kraft paper. In Pantum and Ninestar Information Technology products,
approximately 85% of materials used are made from renewable or recycled sources.
The project adopts a modular integrated design of "ink
tank + refill bottle + filling nozzle + resetter," enabling INK-TANK, a subsidiary of Ninestar, uses a "self-adhesive paper + varnish" combination for
users to complete multiple clean and convenient refills. 90% of ink bottle labels, allowing the labels to fully biodegrade under natural conditions.
The solution is designed for user-friendliness, requires
no professional tools, and is fully compatible with OEM
products of the series, effectively lowering the usage The Company continuously increases the proportion of recycled or reusable materials in
threshold and operational risk. This design enables transport packaging, reduces the use of brass fasteners, and improves recyclability and
continuous use of the same product body and reduces biodegradability of the outer packaging.
Transport
disposal caused by consumable depletion. packaging Depending on regional market requirements, honeycomb core paper bags and
and plastic bubble paper are introduced as plastic-reduction cushioning solutions, gradually
reduction
measures
replacing traditional EPE foam cushioning materials.
Packaging lightweight design is promoted to reduce material usage while ensuring
transport safety, effectively lowering energy consumption and carbon emissions in
logistics.
T08Q/N series refillable nozzle Packaging standardization integration reduces scrap rates. Reduced-material packaging
design is adopted to save space and materials and reduce auxiliary materials such as
labels and manuals.
Packaging Recycled plastics are gradually introduced in certain large-volume, lower
standardization mechanical-performance product housings to replace existing plastics.
and reduction
Ninestar continues to advance the development of the Unismart platform, focusing on OEM chip reset technologies and management Existing packaging is gradually replaced with recyclable or bio-based materials,
designing recyclable eco-compatible chips, providing systematic solutions for chip reuse in the consumables recycling including biodegradable cushioning materials used in toner box packaging.
industry. In 2025, the Company further increased R&D investment in Unismart devices, with emphasis on compatible Unnecessary packaging layers are removed, auxiliary materials are reduced, and
consumable chip model integration and reset technology development. At present, the coverage rate of compatible surface lamination is replaced with water-based varnish. Recyclable paper cards and
consumable chip models on Unismart devices exceeds 85%, and all related chips can be reset via the devices, enabling paper bags are used to replace plastic cushioning materials.
chip recycling and reuse.
At the product level, in 2025, Unismart devices and the miniSmart series incorporated more chip reset and firmware
upgrade technologies, effectively improving operational efficiency and compatibility at the customer end. During the All packaging materials comply with RoHS requirements.
Reporting Period, Unismart and miniSmart devices completed over 21 million chip reset or upgrade operations in total. Packaging
Printing inks used also comply with RoHS requirements.
material
certification FSC-certified suppliers are prioritized. Pantum and INK-TANK have achieved 100%
In the realm of industrial control, the Company pioneered next-generation low-power chip technologies, slashing the
average static operating current to below 20 μA. This breakthrough dramatically extends the operational lifespan of FSC certification coverage for all paper packaging suppliers, including cartons and
battery-powered devices and powerfully enables green, intelligent applications within Industry 4.0 frameworks. outer boxes.
As of the end of the Reporting Period, Ninestar:
Ninestar focuses on developing recyclable and biodegradable plastic-free packaging solutions, effectively reducing the full Total packaging material used for finished products Total sustainable packaging materials used
lifecycle carbon footprint and resource consumption. To ensure standardized use and effective management of packaging
materials, the Company has formulated the Packaging Design Specification, which defines the material properties
and technical requirements for various product packaging and implements targeted usage controls based on product
characteristics.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar is actively building a sustainable system of products and solutions and steadily advancing product green
certification. The Company strictly adheres to domestic and international laws and regulations for green products Ninestar upholds the philosophy of green manufacturing by continuously optimizing
throughout the entire process from production to use, ensuring that products fully meet environmental standards in all production processes through the adoption of advanced equipment and process
aspects. Several product lines from our subsidiaries have successfully obtained various environmental certifications, such technologies, effectively reducing energy consumption and waste emissions in production
as the "China Environmental Labeling Certification", "IECQ QC080000", "Nordic Swan Ecolabel", "ENERGY STAR", and the processes, while gradually promoting the implementation of cleaner production projects.
certification of the "Forest Stewardship Council (FSC)", fully demonstrating their outstanding performance in low toxicity, For further details, please refer to the Section 8.3 Energy Management. As of the end of the
low hazardous substance emissions, and resource conservation. Reporting Period, a
Major subsidiaries under Ninestar have obtained ISO 14001 Environmental Management
total of
Ninestar has established a comprehensive Product Life Cycle Assessment (LCA) system, strictly following the requirements System certification, fully integrating environmental management into their daily
of international standards ISO 14040 and ISO 14044, to systematically evaluate the environmental impacts across the
entire lifecycle, including product design, manufacturing, distribution, use, and end-of-life disposal. The Company has
operations and strategic planning, strictly complying with various environmental laws and
regulations, and maintaining active communication with stakeholders including customers, 8
fully implemented an HSF (Hazardous Substance Free) management system and established an end-to-end environmental suppliers, communities, and other relevant parties on environment-related topics. entities under Ninestar
control mechanism covering product design, supply chain management, and product recycling, effectively ensuring have obtained ISO
environmental compliance and sustainability throughout the product lifecycle. The Company continues to promote the development of a green supply chain, giving 14001 Environmental
priority to cooperation with suppliers certified under ISO 14001 Environmental Management System
Management System to ensure the quality and reliability of procured materials and the certification.
As of the end of the Reporting Period, among the Ninestar products on sale: environmental compliance of production processes.
Case Successful completion of clean production audit for Ninestar
Information Technology
a total of a total of
In 2024, Ninestar Information Technology initiated Guangdong Province's clean production audit and
optimization, equipment upgrading, and automation transformation. A total of 27 clean production measures
product serie had obtained domestic authoritative product serie had obtained foreign
were implemented, with a total investment of RMB 2.0613 million and an expected annual economic benefit
environmental certificates (e.g. China Energy authoritative environmental certificates
of RMB 2.5254 million. During the process, 20 training and awareness sessions on clean production audit were
Conservation Certification and Attestation of (e.g. the Nordic Swan Ecolabel and the
conducted, with a total of 6,700 person-times.
Chinese Environment Mark) ENERGY STAR)
Category Indicator Result
In addition, Ninestar actively participates in the research and development of national standards related to green
products. Leveraging its practical experience in product design, manufacturing, and recycling, the Company contributes
Ink cartridge recycling volume 30 million units
professional expertise to advancing industry green transformation and improving standard systems.
Recycling & utilization
Toner cartridge recycling volume 15.655 million units
CO2 emission reduction 165.51 tons/year
Greenhouse gas & energy
Electricity savings 382,700 kWh/year
GB/T 45600-2025 Green Product Evaluation – Copier and Digital Duplicator
Volatile Organic Compounds
Waste gas 0.04 tons/year
(VOCs) reduction
General solid waste reduction 7.4 tons/year
Waste
Hazardous waste reduction 34.4 tons/year
GB/T 45601-2025 Green Product Evaluation – Consumables and Accessories for Copier and Printer
Water resources Water savings 60 tons/year
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar actively promotes product carbon footprint certification. In August 2025, the Pantum BP2300 series printers
obtained carbon footprint certification issued by Climate Partner and were awarded the Amazon "Climate Pledge Friendly"
sustainability label.
Ninestar actively promotes product carbon footprint certification. In August 2025, the Pantum BP2300 series printers
obtained carbon footprint certification issued by Climate Partner and were awarded the Amazon "Climate Pledge Friendly"
sustainability label.
These certifications reflect our commitment and efforts to reduce greenhouse gas emissions throughout the entire product
life cycle. We will continue to increase investment in low-carbon product R&D and expand the coverage of products
certified for their carbon footprint.
Internal Internal Internal Internal
核 查 声明 核 查 声明 核 查 声明 核查声明
产品碳足迹 产品碳足迹 产品碳足迹 产品碳足迹
核查意见声明 核查意见声明 核查意见声明 核查意见声明
兹证明： Zhuhai Pantum Electronics Co., Ltd. 兹证明： Zhuhai Pantum Electronics Co., Ltd. 兹证明： Zhuhai Pantum Electronics Co., Ltd. 兹证明： 珠海奔图电子有限公司 Zhuhai Pantum Electronics Co., Ltd.
珠海奔图电子有限公司 珠海奔图电子有限公司 珠海奔图电子有限公司
Building 02, 06, 08 Building 02, 06, 08 Building 02, 06, 08 91440400324837464A Building 02, 06, 08
No. 888, Shengping Avenue No. 888, Shengping Avenue No. 888, Shengping Avenue 中国 No. 888, Shengping Avenue
中国 中国 中国
Pingsha Town Pingsha Town Pingsha Town 广东省 Pingsha Town
广东省 广东省 广东省
Zhuhai Zhuhai Zhuhai 珠海市 Zhuhai
珠海市 珠海市 珠海市
Guangdong Guangdong Guangdong 金湾区平沙镇 Guangdong
金湾区平沙镇 金湾区平沙镇 金湾区平沙镇
Carbon Footprint Certification Certificate from Climate Partner for Pantum BP2300 Series 3 Model Printers
升平大道 888 号 519000 升平大道 888 号 519000 升平大道 888 号 升平大道 888 号
China China China 02 栋、06 栋、08 栋 China
持有声明: PCFV 793943-0 持有声明: PCFV 793943-1 持有声明: PCFV 793943-2 持有声明: PCFV 793943-3
As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of
BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下： BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下： BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下： BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下：
The product carbon footprint with the function unit of one BM5100ADW Monochrome Laser Multifunction The product carbon footprint with the function unit of one BM5115ADW Monochrome Laser Multifunction The product carbon footprint with the function unit of one BM5100FDW Monochrome Laser Multifunction The product carbon footprint with the function unit of one BM5115FDW Monochrome Laser Multifunction
Printer that prints every 1000 pages (excluding printing paper) is 2.31 kg of CO2 equivalent. 功能单位为1台 Printer that prints every 1000 pages (excluding printing paper) is 2.34 kg of CO2 equivalent. 功能单位为1台 Printer that prints every 1000 pages (excluding printing paper) is 2.49 kg of CO2 equivalent. 功能单位为1台 Printer that prints every 1000 pages (excluding printing paper) is 2.51 kg of CO2 equivalent. 功能单位为1台
BM5100ADW黑白激光多功能一体机每1000页打印（不含打印纸） ，其产品碳足迹为2.31千克二氧化碳当量。 BM5115ADW黑白激光多功能一体机每1000页打印（不含打印纸） ，其产品碳足迹为2.34千克二氧化碳当量。 BM5100FDW黑白激光多功能一体机每1000页打印（不含打印纸） ，其产品碳足迹为2.49千克二氧化碳当量。 BM5115FDW黑白激光多功能一体机每1000页打印（不含打印纸） ，其产品碳足迹为2.51千克二氧化碳当量。
No material misstatements in this product life cycle greenhouse gas emission statement were revealed. No material misstatements in this product life cycle greenhouse gas emission statement were revealed. No material misstatements in this product life cycle greenhouse gas emission statement were revealed. No material misstatements in this product life cycle greenhouse gas emission statement were revealed.
本产品生命周期温室气体排放声明未发现实质性错误陈述。 本产品生命周期温室气体排放声明未发现实质性错误陈述。 本产品生命周期温室气体排放声明未发现实质性错误陈述。 本产品生命周期温室气体排放声明未发现实质性错误陈述。
The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO
This statement shall be valid for a maximum period of two years after the latest issue date on this This statement shall be valid for a maximum period of two years after the latest issue date on this This statement shall be valid for a maximum period of two years after the latest issue date on this This statement shall be valid for a maximum period of two years after the latest issue date on this
certificate. Should there be a change in the life cycle of the product whose GHG emissions are being certificate. Should there be a change in the life cycle of the product whose GHG emissions are being certificate. Should there be a change in the life cycle of the product whose GHG emissions are being certificate. Should there be a change in the life cycle of the product whose GHG emissions are being
assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。 assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。 assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。 assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。
如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。 如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。 如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。 如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。
BSI 代表：
首次发证日期： 2023-09-04
Michael Lam - Managing Director Assurance, APAC
生效日期： 2023-09-04
BSI 代表：
首次发证日期： 2023-09-04
Michael Lam - Managing Director Assurance, APAC
生效日期： 2023-09-04
BSI 代表：
首次发证日期： 2023-09-04
Michael Lam - Managing Director Assurance, APAC
生效日期： 2023-09-04
BSI 代表：
首次发证日期： 2023-09-04
Michael Lam - Managing Director Assurance, APAC
生效日期： 2023-09-04
最新发证日期： 2023-09-04 有效期至： 2025-09-03 最新发证日期： 2023-09-04 有效期至： 2025-09-03 最新发证日期： 2023-09-04 有效期至： 2025-09-03 最新发证日期： 2023-09-04 有效期至： 2025-09-03
Page: 1 of 2 Page: 1 of 2 Page: 1 of 2
BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担
Page: 1 of 2
Progress
BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担 BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担 BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担
法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI
法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI 法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI 法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI
假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。
假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。 假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。 假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。
In 2025, the sales revenue of our clean
信息查询及联系方式：
信息查询及联系方式： 信息查询及联系方式： 信息查询及联系方式：
英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000
英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000 英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000 英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000
BSI 集团公司成员
BSI 集团公司成员 BSI 集团公司成员 BSI 集团公司成员
technology products amounted to RMB 7.592
Targets
billion, accounting for 46% of the total sales
revenue.
Currently, the coverage of the Company's
Internal Internal Internal Internal
核 查 声明 核 查 声明 核 查 声明 核查声明
compatible consumables chip models in
产品碳足迹 产品碳足迹 产品碳足迹 产品碳足迹
Develop efficient energy solutions
核查意见声明 核查意见声明 核查意见声明 核查意见声明
Unismart devices has exceeded 85%, and all
兹证明： 珠海奔图电子有限公司 Zhuhai Pantum Electronics Co., Ltd. 兹证明： 珠海奔图电子有限公司 Zhuhai Pantum Electronics Co., Ltd. 兹证明： 珠海奔图电子有限公司 Zhuhai Pantum Electronics Co., Ltd. 兹证明： 珠海奔图电子有限公司 Zhuhai Pantum Electronics Co., Ltd.
中国 No. 888, Shengping Avenue 中国 No. 888, Shengping Avenue No. 888, Shengping Avenue 中国 No. 888, Shengping Avenue
and energy efficiency optimization
中国
广东省 Pingsha Town 广东省 Pingsha Town 广东省 Pingsha Town 广东省 Pingsha Town
related chips can be reset through the devices,
珠海市 Zhuhai 珠海市 Zhuhai 珠海市 Zhuhai 珠海市 Zhuhai
金湾区平沙镇 Guangdong 金湾区平沙镇 Guangdong 金湾区平沙镇 Guangdong 金湾区平沙镇 Guangdong
升平大道 888 号 519000 升平大道 888 号 519000 升平大道 888 号 519000 升平大道 888 号 519000
technologies
thereby supporting the recycling and reuse of
持有声明: PCFV 793943-4 持有声明: PCFV 793943-5 持有声明: PCFV 793943-6 持有声明: PCFV 793943-7
As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of As a result of carrying out the verification of product life cycle greenhouse gas emissions, it is the opinion of
the chips.
BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下： BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下： BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下： BSI with reasonable assurance that基于产品生命周期温室气体排放核查结果，BSI出具合理保证声明如下：
The product carbon footprint with the function unit of one BP5100DN Monochrome Laser Printer that prints The product carbon footprint with the function unit of one BP5115DN Monochrome Laser Printer that prints The product carbon footprint with the function unit of one BP5100DW Monochrome Laser Printer that prints The product carbon footprint with the function unit of one BP5115DW Monochrome Laser Printer that prints
Optimize product design
every 1000 pages (excluding printing paper) is 2.00 kg of CO2 equivalent. 功能单位为1台BP5100DN黑白激光 every 1000 pages (excluding printing paper) is 2.02 kg of CO2 equivalent. 功能单位为1台BP5115DN黑白激光 every 1000 pages (excluding printing paper) is 2.08 kg of CO2 equivalent. 功能单位为1台BP5100DW黑白激光 every 1000 pages (excluding printing paper) is 2.10 kg of CO2 equivalent. 功能单位为1台BP5115DW黑白激光
单功能打印机每1000页打印（不含打印纸），其产品碳足迹为2.00千克二氧化碳当量。 单功能打印机每1000页打印（不含打印纸） ，其产品碳足迹为2.02千克二氧化碳当量。 单功能打印机每1000页打印（不含打印纸） ，其产品碳足迹为2.08千克二氧化碳当量。 单功能打印机每1000页打印（不含打印纸） ，其产品碳足迹为2.10千克二氧化碳当量。
No material misstatements in this product life cycle greenhouse gas emission statement were revealed. No material misstatements in this product life cycle greenhouse gas emission statement were revealed. No material misstatements in this product life cycle greenhouse gas emission statement were revealed. No material misstatements in this product life cycle greenhouse gas emission statement were revealed.
本产品生命周期温室气体排放声明未发现实质性错误陈述。 本产品生命周期温室气体排放声明未发现实质性错误陈述。 本产品生命周期温室气体排放声明未发现实质性错误陈述。 本产品生命周期温室气体排放声明未发现实质性错误陈述。
The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO The product life cycle GHG data quality was verified to be acceptable against the requirements of ISO
This statement shall be valid for a maximum period of two years after the latest issue date on this
This statement shall be valid for a maximum period of two years after the latest issue date on this This statement shall be valid for a maximum period of two years after the latest issue date on this This statement shall be valid for a maximum period of two years after the latest issue date on this
certificate. Should there be a change in the life cycle of the product whose GHG emissions are being certificate. Should there be a change in the life cycle of the product whose GHG emissions are being certificate. Should there be a change in the life cycle of the product whose GHG emissions are being certificate. Should there be a change in the life cycle of the product whose GHG emissions are being
Actively obtain environmental and green
assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。 assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。 assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。 assessed, the validity of this opinion statement will cease. 本声明有效期最长为本证书最新签发日期后两年。
如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。 如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。 如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。 如果正在评估其温室气体排放的产品的生命周期发生变化，本意见声明的有效性将中止。
product certifications I S O 1 4 0 0 1 E n v i ro n m e n ta l M a n a ge m e n t
BSI 代表： BSI 代表： BSI 代表： BSI 代表：
Michael Lam - Managing Director Assurance, APAC Michael Lam - Managing Director Assurance, APAC Michael Lam - Managing Director Assurance, APAC
System certification; A total of 16,281 product
Michael Lam - Managing Director Assurance, APAC
首次发证日期： 2023-09-04 生效日期： 2023-09-04 首次发证日期： 2023-09-04 生效日期： 2023-09-04 首次发证日期： 2023-09-04 生效日期： 2023-09-04 首次发证日期： 2023-09-04 生效日期： 2023-09-04
最新发证日期： 2023-09-04 有效期至： 2025-09-03 最新发证日期： 2023-09-04 有效期至： 2025-09-03 最新发证日期： 2023-09-04 有效期至： 2025-09-03 最新发证日期： 2023-09-04 有效期至： 2025-09-03
models have obtained domestic authoritative
Page: 1 of 2 Page: 1 of 2 Page: 1 of 2 Page: 1 of 2
BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担 BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担 BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担 BSI 与上述客户没有经济利益关系，独立于上述客户。本意见声明仅为核实上述客户在范围内具体描述的碳排放有关的声明而编写，不用于任何其他目的。 在提供意见声明时，BSI 不会接受或承担
e n v i ro n m e n ta l ce r t i f i cat i o n s , a n d 8 2 8
法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI 法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI 法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI 法律或其他责任，也不会接受与使用意见声明的任何其他目的或阅读意见声明的任何人有关的责任。本意见声明是在 BSI 对上述客户提交的信息进行评估的基础上编写的。在进行此类评估时，BSI
假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。 假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。 假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。 假定所有这些信息都是完整和准确的。 因本意见声明而产生的任何疑问或与本意见声明有关的事项，应只向上述名称的客户提出。
信息查询及联系方式： 信息查询及联系方式： 信息查询及联系方式： 信息查询及联系方式：
英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000 英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000 英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000 英标管理体系认证（北京）有限公司 北京市建国门外大街甲 24 号东海中心 2008 室 邮编：100004 电话：+86 10 85073000
BSI 集团公司成员 BSI 集团公司成员 BSI 集团公司成员 BSI 集团公司成员
product models have obtained international
environmental certifications; The Pantum
BP2300 series printers received product
Carbon Footprint Certification Certificate for Pantum BP5100 and BM5100 Series 8 Model Printers
carbon footprint certification awarded by
Climate Partner.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Printer product recycling system
Ninestar regards electronic waste recycling governance as an important component of its green development strategy.
In line with the Company's actual business operations, Pantum and Ninestar Information Technology, as two core Ninestar continuously improves its domestic and international printer
subsidiaries, independently advance the development and implementation of recycling systems for printers and electronic waste recycling system, disposing of collected waste Users
compatible consumables, respectively. Each company establishes differentiated recycling channels and implements products through its in-house recycling facilities or qualified third-party
localized recycling programs according to compliance requirements and market characteristics across different global organizations.
regions. To further strengthen circular economy capabilities, the Group is also planning to continuously improve its Pantum designated repair center
We have established a domestic recycling and reuse system for waste
proprietary recycling channel infrastructure, enhance the efficiency of electronic waste recycling and reuse, reduce
printer products. Users can return waste printers to local Pantum service
environmental impacts throughout the product lifecycle, and further strengthen the systematic and coordinated
centers for centralized recycling, where they are then sorted by our own
management of electronic waste recycling governance. Qualified waste processing organization
recycling centers and appropriately qualified third-party organizations
before being processed for standardized recycling and reuse. Additionally,
printers) / recycling instruction pages (for toner cartridges) to help users
Renewable Non-renewable
Ninestar implements end-of-life product management and adopts effective measures to ensure the proper disposal and properly dispose of waste products in compliance with local regulations.
recycling of compatible consumables and used printers, thereby reducing the environmental impact of electronic waste.
In 2025, Pantum launched a trade-in campaign. Users bringing any brand
Given that compatible consumables account for the largest proportion of recycled products, we focus on continuously Comprehensive
of used printers to e-commerce distributors or third-party recycling Recycling
improving the recycling management of this category. treatment
service providers on the JD platform to exchange for designated Pantum
Across its global operations, Ninestar carries out the recycling and reuse of electronic waste through its product recycling models are eligible for official trade-in subsidies. During the Reporting
Domestic Pantum electronic waste
and reuse system. Period, the number of units traded in on the JD platform reached 24,033,
recycling system
and on the Tmall platform reached 1,731.
Through cross-regional management, Ninestar continuously improves the global electronic waste recycling system.
Since 2018, Ninestar has cooperated with Landbell Group, a global provider of environmental and chemical compliance
The Company has developed a detailed electronic waste recycling plan. Ninestar has clearly defined the
services. By developing tailored and effective recycling solutions, the Company has completed WEEE registration in the
United Kingdom, Germany, and the Netherlands and fulfilled relevant regulatory obligations. Relying on the European
its own brand) of all brands and models available on the market. Leveraging its in-house recycling facilities
Recycling Platform (ERP), the Company integrates into local recycling systems, where locally compliant recycling
and partner third-party organizations, the Company is capable of recycling and processing products of all
organizations professionally collect and process waste electrical and electronic equipment under the Company's
brands.
brands, reducing potential environmental impacts.
Compatible consumables recycling system
Since its establishment, G&G has consistently promoted the recycling and reuse of compatible consumables. For
operational regulatory requirements have been established to collect and recycle printers and compatible Program" (domestic). No restrictions are imposed on the models of collected products; the recycling service covers all
consumables. intact toner cartridges without powder leakage and ink cartridges of major global brands. Currently, the "Flashback
Recycling Program" is implemented through the G&G New Service platform, and its recycling network covers the entirety
of mainland China. The recycling process follows standardized management: customers submit recycling requests for
used toner cartridges via the G&G New Service platform, and service providers arrange door-to-door collection based on
order information. Empty and used cartridges are collected and processed centrally. Upon completion of the recycling
The Company explicitly prohibits the export of electronic waste to non-OECD countries in line with process, relevant data are verified by branch companies and reconciled and settled with relevant parties, forming a
Stockholm Convention ; restricts the use of persistent organic pollutants (POPs) and related hazardous
This year, G&G partnered with Tmall to further deepen the "digital trade-in circular system," forming a convenient "sales-
substances in printer products, including refined control over halogen elements such as brominated flame
recycling-repurchase" closed loop. When purchasing new products from G&G or other brands on Tmall, consumers
retardants (BFRs) and polyvinyl chloride (PVC).
can opt for the "trade-in" service, under which logistics providers collect the used consumables through door-to-door
pickup, and consumers receive corresponding subsidies, thereby enhancing recycling participation and user experience.
We have also established a self-operated recycling and reuse system for compatible consumables, covering all
consumable brands and models available on the market. We have implemented an empty cartridge recycling program,
Ninestar regularly conducts audits of its electronic waste recycling suppliers
through which empty laser toner cartridges are recycled via our own recycling facility. The process of dismantling,
cleaning, utilizing, recycling, processing, and disposing of electronic waste is clearly defined, tracked, and documented
to ensure that the entire process is carried out in facilities that comply with all applicable local laws and regulations.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
We classify and utilize electronic waste according to its characteristics:
Materials with recycling value To optimize the electronic waste recycling process and promote electronic waste During the Reporting
recycling programs, we have currently implemented recycling programs in multiple Period, Ninestar
business operating regions around the world. In 2025, Ninestar successfully recycled
Our proprietary toner cartridge and ink cartridge recycling centers use industry-leading recycling and
approximately 17,923,003 units of toner cartridges, ink cartridges, and other products,
remanufacturing technologies to disassemble, clean, inspect, and reprocess used consumables into
effectively promoting circular utilization and extending the service life of products.
remanufactured products, achieving resource circularity.
We inform users about the environmental attributes of our products and the recycling
processes through product leaflets and recycling forms included in product packaging.
recycled a total of
Materials not yet suitable for recycling We have also developed a dedicated recycling mini-program software to provide
users with convenient recycling guidance. During the recycling process, we not only
The Company engages legally qualified waste disposal organizations for standardized treatment. These
provide free recycling services but also offer coupons or cash incentives to participants. 17,923,003
Consumers who return discarded items to supermarket recycling machines can
professional entities carry out recycling, resource utilization, or non-hazardous treatment to minimize the units of used ink cartridges
receive supermarket coupons for cash discounts while shopping. An online recycling
potential environmental impact of waste. and toner cartridges.
model is also implemented, under which the Company covers recycling logistics costs
and provides consumers with corresponding cash rewards or equivalent product
deductions based on product models.
Precious metals with recycling value in electronic waste (mainly copper, gold, etc.)
The Company applies chemical extraction and other specialized technologies for resource recovery, achieving Case G&G recognized as one of the first "Five-Star Green Supply Chain
non-hazardous treatment and resource reutilization of electronic waste, while promoting local circular Management Demonstration Units"
utilization.
On November 27, 2025, the "Training Session on Enhancing Green
Supply Chain Capability in the Printing Consumables Industry"
In 2025, Ninestar's ink cartridge remanufacturing factory in Székesfehérvár, Hungary officially launched pilot operations, and the awarding ceremony for "Green Supply Chain Management
further strengthening the Company's overseas self-owned recycling facility network. Demonstration Units for Printing Equipment and Consumables
Enterprises" were held in Zhuhai. After strict evaluation by experts
covering raw material procurement, manufacturing, logistics and
Case Trial operation of ink cartridge remanufacturing factory in Hungary, distribution, and recycling and reuse, G&G successfully passed the G&G was recognized as "Five-Star
advancing a local closed-loop recycling system in Europe certification and was awarded the industry's first and only "Five-Star Green Supply Chain Management
Green Supply Chain Management Demonstration Unit" at the event. Demonstration Unit"
Af te r y ea r s o f p re pa rat i o n , N i n e sta r ' s i n k ca r t r i d ge
Previously, G&G participated in the initiation meeting for the group standard project Evaluation Index System
remanufacturing factory in Székesfehérvár, Hungary officially
for Green Supply Chain Management Enterprises in the Printing Equipment and Consumables Industry and the
commenced trial operations, marking a key step for the Company
project Guidelines for Recycling and Implementation of Waste Printing Equipment and Consumables, jointly
in providing printing solutions aligned with circular economy
organized by the Zhuhai Printing Equipment and Consumables Industry Association. G&G attended the meeting
principles in the European market. The facility covers an area of
together with leaders from government departments including the Zhuhai Municipal Bureau of Industry
and Information Technology, Zhuhai Municipal Commerce Bureau, Zhuhai Municipal Bureau of Ecology and
up to 6 million units for remanufactured ink cartridges. Through
Environment, and Zhuhai Municipal Administration for Market Regulation, as well as representatives from the
localized recycling and remanufacturing capabilities, the factory
SEE Foundation and industry enterprises, focusing on advancing the construction of a "waste-free city."
supports the stable collection of used ink cartridges and efficient
output of remanufactured products, while also contributing to
G&G ink cartridge remanufacturing factory in In addition, Ninestar actively participates in industry standard-setting activities, providing professional support and
local economic development.
Hungary recommendations regarding hazardous substance restriction requirements for electronic products and the recycling,
packaging, transportation, and storage of waste compatible consumables. The standards participated in and issued this
Leveraging the Company's global R&D capabilities in advanced ink technologies, chip development, and advanced year are as follows:
process engineering, as well as its mature recycling manufacturing management experience, the Hungary facility
is accelerating the establishment of a localized system covering R&D, production, and sales. By promoting a GB 26572-2025 Requirements for Restriction of Hazardous Substances in Electrical and Electronic Products
Europe-localized production strategy, the Company better adapts to the EU's already implemented plastic T/CCOEA 10-2025 Technical Specifications for Recycling, Packaging, Transportation and Storage of Whole
restriction requirements and upcoming packaging waste regulations, reduces the carbon footprint associated with Machines for Remanufacturing
transportation and operations, and accelerates the realization of a true closed-loop recycling model. T/CCOEA 11-2025 Technical Specifications for Recycling, Packaging, Transportation and Storage of Waste Toner
and Ink Cartridges for Remanufacturing
In the future, Ninestar will use the Hungary facility as a benchmark to continuously advance its localization strategy
and provide customers with greener and more efficient products and services. T/CCOEA 12-2025 Technical Specifications for Recycling, Packaging, Transportation and Storage of Waste Inkjet
Cartridges for Remanufacturing
Ninestar Corporation 2025 Environmental, Social, and Governance Report
To improve recycling efficiency and motivate users to participate in recycling, Ninestar offers multiple product collection
channels, including but not limited to:
Recycling at
designated In selected operating locations, we cooperate with recyclers or dealers to set up recycling bins Ninestar continuously improves energy utilization efficiency by
drop-off in stores or designated recycling points. Users can put the used products into the recycling optimizing its energy structure and advancing energy-saving
locations bins. Collected items are then processed by certified recyclers or handed over by the dealers technological innovation, promotes green and low-carbon
to qualified treatment facilities. operations, and integrates innovation-driven development
with sustainability principles to establish a systematic energy
management framework.
Mail-in We set up electronic waste recycling programs and accept end-of-life products sent by mail.
program We have launched the "Mailing Bag" Program. For some products, we place recycling bags in
product packages to encourage users to send back discarded products. Ninestar strictly complies with relevant laws and regulations,
End customers can also ship discarded products directly to the factory warehouse through the including the Energy Conservation Law of the People's Republic
mini-program software. Taking ink cartridges as an example, when users have finished using of China, the Law of the People?s Republic of China on the
their ink cartridges, they can put the waste ink cartridges in the mailing bag and send them to Promotion of Clean Production , and the Administrative Measures
the Company via local postal services. We then process the collected waste products for reuse for Industrial Energy Conservation. We have established internal
or hand them over to qualified third-party agencies for treatment. policies such as the Energy Conservation and Emission Reduction
Management Measures for Large Equipment and Public
Infrastructure , the Management System for Electricity Safety in
Pick-up Factory Workshops and Offices , and the Electricity Consumption
We collaborate with overseas local distributors and recyclers to cover export destinations
program Assessment and Management Provisions , to drive continuous
of our original products, as well as markets where other brands such as Canon and HP are
sold. The program primarily focuses on recycling discarded consumables to enable circular improvement in energy performance.
utilization.
Performance highlights:
During the Reporting 8.3.3 Actions and Practices
In April 2025, Zhuhai Pantum Electronics
Co., Ltd. obtained the ISO 50001 Energy
Ninestar has established a rigorous partner evaluation system and conducts 8.3.3.1 Reasonable Use of Energy
Management System Certification.
comprehensive annual qualification audits of electronic waste recyclers and
treatment facilities. These audits include business process risk assessment, completed annual audits of
During the Reporting Period, we managed energy in the
internal control system evaluation, and compliance inspections, ensuring
that partners possess local operating qualifications and adequate electronic 63 following ways:
waste treatment facilities. This approach continuously enhances supply chain recycling vendors
transparency and operational efficiency. Energy-saving renovation of equipment
activated and motion-sensing controls to optimize lighting duration. In 2025, Geehy added lighting optimization
controllers on seven functional office floors, saving approximately 200 kWh per floor per month.
Progress
The operation of air compressors was optimized through the joint control of multiple air compressor units.
Targets Energy-saving retrofit was completed on the intelligent temperature and humidity regulation and monitoring
In 2025, Ninestar successfully recycled
system for workshops.
approximately 17,923,003 toner cartridges,
ink cartridges and other products, effectively Dormitory hot water systems fully utilize rooftop solar thermal collectors for heating.
Expand the quantity and range of
recyclable products and models promoting circular utilization and extending
In 2025, Pantum installed air curtains in three manufacturing workshops to improve central air conditioning
product lifecycles.
efficiency, with estimated monthly electricity savings of 3,408.75 kWh.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
In 2025, Geehy installed a negative pressure fresh air system in workshops, improving air circulation efficiency
Energy consumption per unit of production
and reducing air conditioning cooling time, with expected monthly electricity savings exceeding 3,000 kWh during
Ninestar continues to strengthen the management
winter and spring.
of energy consumption per unit of production Energy consumption per Energy consumption per
The injection molding workshop completed upgrades to its organic waste gas collection and treatment system, for printers, ink cartridges, and toner cartridges.
new ink cartridge remanufactured ink cartridge
replacing two 74 kW fixed-frequency units with two 29.5 kW variable-frequency units, achieving an approximately Through process optimization and energy efficiency 0.029 kWh/unit 0.098 kWh/unit
the energy consumption per unit of product6.
Ten injection molding machines were upgraded by replacing conventional heating coils with nano far-infrared
energy-saving heating coils, reducing electric heating energy consumption by over 30%.
Energy consumption per Energy consumption
Energy consumption per new toner cartridge
remanufactured toner cartridge per printer
Energy-saving control of equipment
The temperature of the central air-conditioning system was set to the energy-saving mode of 26℃ , and the operating 8.3.3.2 Using Clean Energy
hours were optimized based on working hours and weather.
Ninestar actively promotes the use of clean energy and has deployed solar photovoltaic (PV) facilities across its parks since
Wall-mounted fans were installed in the dining area for rapid cooling and effective energy conservation. 2018. During the Reporting Period, we continued to expand the scale of clean energy applications, with multiple PV power
generation projects progressing steadily. Among them, the PV power station project at the Zhuhai Pingsha Park has been
The control over air compressors was improved, and their output pressure was adjusted to around 0.6MPa.
connected to the grid and is in operation, while the 3 MW rooftop PV project at the Zhuhai Nanping Park and the 6 MW
Additionally, the air leakage issue in the workshop was remedied. The operating hours for air compressors were
rooftop PV project at the Hefei Park have been put into use. While prioritizing our own electricity consumption needs, part
adjusted based on the workshop's air consumption pattern to avoid no-load operation.
of the PV-generated electricity is fed into the grid. Through mechanisms such as green certificate trading, we also sell the
Subsidiaries have implemented electricity consumption and working hours monitoring systems, analyzing abnormal environmental attributes of renewable energy to external markets, further enhancing the value utilization of clean energy.
energy consumption and urging corrective actions. A power monitoring device was installed in Building No. 02 of the
Pingsha Park to collect and analyze current, voltage, and electricity consumption data in real time.
Promotion and implementation of energy conservation and emission reduction
Online working was encouraged to reduce unnecessary business travel.
Carpooling was advocated to reduce the use of official vehicles.
Shuttle buses were available for employees to promote public transportation and reduce the use of private
vehicles.
Monthly employee meetings were held to promote energy and water conservation and reuse of office paper.
Training related to green office, low carbon emissions and environmental protection, resource conservation, and Bird's-eye view of PV power generation in Pingsha Park
waste classification was organized.
Energy-saving tips and guidelines were pasted on air conditioners and light switches, to cultivate the habits of
keeping the air-conditioning temperature no lower than 26 degrees and turning off lights before leaving.
Ninestar energy management system
We have established a layered and distributed energy management system to achieve centralized monitoring of
electricity, gas, compressed air, coal, diesel, water, and other types of energy. The system is managed uniformly by the
Group, supports cross-platform operation, and features real-time monitoring, comprehensive analysis, and quality
control functions. Through the collection and analysis of energy data, we can promptly grasp energy usage conditions,
formulate precise energy consumption plans, and promote low-carbon development.
In 2025, Ninestar's subsidiary Topjet upgraded its energy supervision system by adding real-time monitoring and
early warning modules, enabling dynamic collection and analysis of electricity, gas, and water data. Monthly unit- Bird's-eye view of PV power generation in Hefei Park
level electricity consumption assessments were conducted, with results incorporated into departmental performance 6
Energy consumption data for printer production is sourced from production process statistics at the Pantum Pingsha Park. Energy consumption
evaluations to promote the normalization of energy-saving management. data for ink cartridges and toner cartridges is sourced from production process statistics of Ninestar Information Technology. Other subsidiaries have
not yet conducted relevant statistics. We will consider expanding the scope of data coverage in the future.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Ninestar strictly complies with relevant laws and regulations, including the Law of the People's Republic of China on the
Prevention and Control of Atmospheric Pollution , the Law of the People's Republic of China on the Prevention and Control
of Environmental Pollution by Solid Waste , and the Water Pollution Prevention and Control Law of the People's Republic of
China . By leveraging technological advancements and process innovation, we have established a comprehensive pollutant
management mechanism. At the same time, we place high importance on responding to environmental concerns raised
by stakeholders and regard such feedback as an important driver for improving our environmental governance system. We
also continue to enhance our environmental management framework to promote sustainable corporate development.
Ninestar has established a comprehensive emissions management system covering exhaust gas, solid waste, and
Bird's-eye view of PV power generation in Nanping Park
wastewater. By formulating internal policies such as the Guidelines for Waste Classification and Treatment, Safety
Operation and Maintenance Regulations for Sealed Drum Recycling Organic Waste Gas Treatment Equipment, Safety
Data on the use of clean energy: Operation and Maintenance Regulations for Waste Gas Treatment Equipment, Wastewater Discharge Regulations, and
Safety Operation and Maintenance Regulations for Sewage Treatment , we achieve full coverage of operational standards,
safety maintenance, and emergency procedures. Through strengthening practical training and emergency response
The PV power generation in 2025 amounted to The Company owns
capabilities of employees, we ensure that emissions management remains compliant and under control throughout the
entire process, thereby effectively safeguarding employees' occupational health and protecting the environmental quality
of surrounding communities.
Total PV electricity fed into the grid in 2025 amounted to Obtained
Ninestar implements classified management of exhaust gases generated during operations. For particulate matter and
organic waste gases (benzene series), we strictly comply with the Comprehensive Emission Standards for Volatile Organic
Progress process of "cartridge filtration dust removal + secondary activated carbon adsorption" to ensure compliant emissions.
This year, we completed technical upgrades to the organic waste gas collection system at our injection molding plant. By
fully implementing a "point-to-point" gas collection hood system for injection molding machines, we enhanced waste gas
Ninestar's subsidiar y Topjet upgraded its
Targets capture efficiency and reduced fugitive emissions at the source, effectively safeguarding air quality within and around the
energy supervision system by adding real-time
plant. In addition, for kitchen oil fumes, we have installed and regularly maintained oil fume purification equipment to
monitoring and early warning modules, enabling
reduce impacts on the surrounding environment and employee health.
dynamic collection and analysis of multi-energy
data, including electricity, gas, and water. 8.4.3.2 Solid Waste Treatment
In 2025, Pantum installed air curtains in three Ninestar strictly complies with relevant laws and regulations, including the Law of the People's Republic of China on
Establish an energy monitoring system to manufacturing workshops to improve central air the Prevention and Control of Environmental Pollution by Solid Waste , the Standard for Pollution Control on Hazardous
realize real-time monitoring and precise conditioning efficiency, with estimated monthly Waste Storage , and the Standard for Pollution Control on the Non-hazardous Industrial Solid Waste Storage and Landfill
analysis of plant energy consumption electricity savings of approximately 3,408.75 (GB 18599-2020). We have established a comprehensive solid waste management system. Internal policies such as the
kWh. Guidelines for Waste Classification and Treatment, Pollution Prevention Procedures, and Solid Waste Management
Strengthen energy-saving retrofits of
equipment Measures have been formulated and implemented, and are updated in a timely manner. This year, we optimized the Solid
In 2025, Geehy Microelectronics installed a
Waste Management Measures by adding provisions on the handling of toxic waste.
negative pressure fresh air system in workshops,
improving air circulation efficiency and reducing For non-hazardous industrial solid waste, we implement classified collection and designated temporary storage, and
air conditioning cooling time, with expected regularly entrust qualified disposal entities for compliant treatment, ensuring legality and compliance throughout the
average monthly electricity savings exceeding entire process. In addition, in accordance with the Technical Specifications for Setting Identification Signs of Hazardous
enhance employees' awareness of waste reduction and non-hazardous treatment, embedding environmental protection
principles into daily operations.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Hazardous waste treatment
Ninestar implements stringent classification management and compliant disposal of hazardous waste generated during
operations, such as waste coatings and waste toner. In accordance with applicable laws and regulations, all hazardous waste
is sorted, properly stored, and entirely entrusted to qualified professional disposal entities for transfer and decontamination 8.5.1 Concept
treatment. Meanwhile, we strictly follow pollutant discharge permit requirements and our self-monitoring plan to conduct regular
compliance testing on various pollutants, ensuring compliant emissions and effectively safeguarding employee health and the Ninestar places great importance on water conservation and protection, promoting intensive and efficient water utilization
surrounding ecological environment. through advanced technologies and management practices. We continue to improve water recycling and reuse systems,
comprehensively enhancing water efficiency throughout our operations.
For key facilities such as containment berms, emergency pools, and drainage valves for rainwater and wastewater outlets, as well
as risks associated with chemical leaks and hazardous waste leakage, emergency response cards have been established at critical
positions. These cards clearly define risk descriptions, reporting procedures, emergency plan activation, and source control and 8.5.2 Strategies
containment measures, ensuring that "procedures are visibly posted and responsibilities are assigned to individuals," enabling
Ninestar strictly complies with laws and regulations such as the Water Law of the People's Republic of China and the
immediate response to contain pollution sources and prevent leakage in emergencies. Hazardous wastes such as waste toner
and spent activated carbon are entrusted to qualified professional disposal institutions for compliant treatment, with strict
Water Pollution Prevention and Control Law of the People's Republic of China . We have formulated management systems,
including the Environmental Management Policies , the Energy Management Regulations , and the Wastewater Discharge
implementation of the hazardous waste manifest system to ensure traceability of hazardous waste destinations and zero risk
throughout the disposal process.
Management Regulations of the Consumables Business Unit , to define the environmental management framework and
responsibilities, and to regulate requirements for concentrated ink collection. At the same time, we rigorously implement
Ninestar regards emergency drills as a key approach to enhancing practical response capabilities, and regularly conducts multi- the Discharge Standard of Water Pollutants for Printing Ink Industry (GB25463-2010), exercise graded management of
scenario comprehensive drills covering chemical leaks, hazardous waste leakage, and fire evacuation. During drills, employees industrial wastewater at the source to reduce the impact of wastewater concentration fluctuations on the treatment
strictly follow the guidance on emergency cards, simulating the full process from incident detection and reporting, emergency process, and achieve sustainable utilization of water resources through effective water-saving measures, reasonable water
source isolation, to valve closure and cleanup of leaked materials. Through these drills, we continuously verify the effectiveness resource planning, and efficient wastewater treatment solutions.
and operability of our emergency plans, to enhance management and employees' awareness of disaster prevention and response
capabilities, and effectively strengthen the environmental safety defense line.
During the Reporting Period, by optimizing the pre-treatment process for defective ink cartridges, Ninestar achieved refined
management at the production source. As a result, the annual generation of hazardous waste was reduced by 34.4 tons, lowering 8.5.3.1 Management and Promotion
related disposal costs by over RMB 62,000, demonstrating our commitment to green production through tangible actions.
Non-Hazardous waste treatment
The non-hazardous wastes generated from our operations are primarily classified into two categories: recyclable and non- Dedicated personnel are assigned to manage water usage within the parks, regularly
Dedicated
inspections
recyclable. Recyclable wastes include items such as waste paper, while non-recyclable wastes cover household waste, for leak recording water meter readings to promptly identify and repair leakage points.
kitchen waste, and the like.
prevention
For recyclable waste, we organize specialized training on waste classification and ensure proper disposal and collection in
accordance with household waste classification guidelines. Qualified third-party organizations are engaged for the unified
Unannounced inspections of workshop water usage are conducted to strictly control
Random
transportation, recycling, and disposal of such waste. inspections
of workshop waste. Meanwhile, in accordance with pollutant discharge permit requirements, qualified
We conduct annual on-site audits of waste recycling contractors to ensure compliance in waste management processes.
third-party institutions are engaged to test treated effluent, ensuring water quality
water use and
Regarding non-recyclable waste, we strictly adhere to relevant local regulations governing our operations. Such waste is
compliance
testing of significantly exceeds national discharge standards.
uniformly handed over by the park to qualified third-party organizations for compliant disposal. effluent
A constant-pressure water supply system is adopted, with zoned supply for high- and low-
Constant-
Progress
level areas to meet peak water demand during morning and evening hours for residential
pressure zoned
water supply
Reviewed and optimized production, transportation, staff.
to meet peak
Targets demand
and sales processes, and improved product packaging
Optimize production, transportation, and solutions to reduce waste generation at the source.
sales processes to reduce the generation of
Improved product pass rates to reduce cartridge
hazardous waste
scrappage and minimized product scrappage resulting
Improve production and recycling from returns and unpacking. Domestic water tanks are comprehensively disinfected, cleaned, and tested for water
Regular cleaning
processes to reduce waste weight and disinfection
Advanced the formulation and implementation of dust of domestic quality once a year to ensure safe water use for employees.
Promote upgrades to dust removal systems removal system optimization plans, completed system
water tanks
to enhance air purification efficiency upgrades, and verified purification efficiency.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Water Water-saving slogans and posters are displayed to strengthen awareness among all
conservation
employees, promoting the practice of "turning off water when leaving" to eliminate water
waste.
awareness and
promotion
Water usage ledgers are established at both the Company and operating center levels.
Water usage
Data is regularly compiled and analyzed on a monthly basis to promptly identify and
rectify abnormal water usage.
monitoring
Wastewater Wastewater is sampled regularly, and professional testing equipment is used to monitor
monitoring and
key indicators such as pH, COD (Chemical Oxygen Demand), and ammonia nitrogen
throughout the year, ensuring compliant discharge.
compliance
management
Capacity expansion and upgrading of the wastewater station of INK-TANK
Highlight data
We recycled water in the following ways:
Through process optimization and
Water resource recycling In 2025, technical upgrades were implemented technical upgrades, water efficiency in
on the filter press at the wastewater station, the ink cartridge recycling and cleaning
To reduce water consumption, we recycled the cooling water of the injection molding machine and
reducing water consumption from Reduced to process was improved, saving
wastewater from wastewater treatment stations.
We designed and built sponge city systems in our two major industrial parks to recycle and reuse rainwater
and improve water utilization efficiency.
Water supply and water quality disinfection
Municipal water is filtered and collected into domestic water tanks equipped with disinfection devices, and 8.5.4 Metrics and Targets
then pressurized for use in office areas and employee dormitories.
Progress
Wastewater treatment and water pollution control
In accordance with the Discharge Standard of Water Pollutants for Printing Ink Industry (GB25463-2010), we
Targets
set up wastewater treatment facilities and adopted a mature A?/O process to treat industrial wastewater and
domestic wastewater. The wastewater is discharged through the pipeline network into the water purification
plant for further treatment after pre-treatment and comprehensive treatment. In 2025, total recycled water usage reached
Continuously promote water recycling
approximately 5,324 tons.
Professional wastewater treatment engineers monitor wastewater generated from the cleaning and recycling and reuse to reduce water consumption
of ink cartridges and the production of ink, conducting water quality analysis every four hours to ensure In 2025, the wastewater station of Ninestar
compliance and to recycle treated water for chemical dosing, sludge dewatering, and toilet flushing within Continue advancing technological
Information Technology upgraded its filter
the park. upgrades to reduce water consumption
press, replacing the belt filter press with a
A self-built wastewater treatment station is established in the Nanping Park, covering an area of 1,500 screw press, reducing water consumption
square meters, with an annual treatment capacity of 180,000 tons. During the Reporting Period, INK-TANK, a from 2,926 tons/month to 3.6 tons/month.
subsidiary of Ninestar, invested RMB102,500 in capacity expansion and upgrading of the wastewater station,
with a designed daily treatment capacity of 8 tons. Meanwhile, the recycling system enabled the reuse of 90
tons of water, mainly for injection molding cooling towers.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Responsible for identifying and assessing climate-related risks and opportunities,
Climate change is one of the most significant global challenges facing human society. As highlighted by the and integrating relevant analysis into daily operations and medium- to long-term
Intergovernmental Panel on Climate Change (IPCC), its impacts are extensive, systemic, and long-term. Ninestar regards development planning;
climate change response as a key issue in sustainable development and is committed to actively addressing climate- ESG Coordinates the implementation of climate-related management plans
related risks and opportunities across its operations and value chain, promoting low-carbon transformation and green Working and action programs approved by the ESG Committee, formulating specific
development. Group implementation pathways and work arrangements;
Organizes cross-departmental collaboration and coordinates relevant functional
departments to advance specific tasks such as energy conservation, carbon
Climate-related issues have been incorporated into Ninestar's sustainability governance framework. Through a three-
tier governance structure of the "ESG Committee – ESG Working Group – Safety Committee Offices at All Levels", we
oversee the formulation of climate-related strategies, risk management, and implementation of actions, ensuring orderly Energy conservation and consumption reduction management: Under the
advancement and execution at the corporate level. Company's overall coordination, focus on resource conservation and energy
efficiency improvement, supervise and participate in setting energy-saving
targets, systematically analyze energy use in production and operations, identify
optimization opportunities, and promote relevant improvement measures;
Environmental risk early warning and management: Responsible for formulating
Safety
Oversees climate-related matters under the leadership of the Board of Directors, Committee
and regularly updating the Emergency Response Plan for Environmental
reviews Group-level climate-related Targets and action plans, and supervises Offices at All
Incidents , and improving environmental risk prevention and emergency response
their progress and effectiveness; Levels
mechanisms;
ESG
Regularly reviews the identification and assessment of climate-related risks and Extreme weather response: Develop and refine emergency response plans for
Committee
opportunities; extreme weather, continuously monitor early warning information and risk levels
Supervises the disclosure and improvement of key indicators such as greenhouse released by authoritative institutions, and promptly implement preventive and
gas emissions, energy management, and clean energy application. response measures to minimize impacts of extreme weather on operations.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
To address the challenges posed by climate change and enhance climate resilience, Ninestar applies a scenario analysis Low- High-
approach to systematically assess the physical risks and transition risks it may face in the short, medium, and long term, emission emission
while also identifying climate-related opportunities. Based on the analysis results and in consideration of our business
Category Risk item scenario scenario Potential business impact Adaptation measures
characteristics, we evaluate the potential operational and financial impacts of climate risks and opportunities, and 2030 2050 2030 2050
formulate corresponding adaptation and mitigation measures to ensure that our strategy, business model, and financial
Conduct wind-resistance reinforcement
arrangements remain resilient to climate change. May lead to damage to
and hazard inspections of plants
park facilities, interruption
To align scenario analysis with management decision-making cycles, the Group classifies the assessment horizon into and production facilities to enhance
of operations, and loss of
infrastructure resilience against
short-term, medium-term, and long-term periods to support phased strategic decisions and resource allocation, as goods, affecting the normal
typhoons;
follows: Typhoon operation and causing direct
economic losses; Improve emergency staffing
arrangements and production
May lead to health and safety
Short term: 2025–2030 Medium term: 2030–2040 Long term: 2040–2050 suspension/restart procedures during
injuries for park and plant
typhoons to ensure personnel safety
workers.
and reduce operational disruption risks.
Heavy rainfall or river
Precipitation water accumulation or diversion systems and drainage
As Ninestar's existing asset value and production output (measured by fixed assets, machinery and equipment, internal flooding in factory maintenance to improve drainage
transportation equipment, and office equipment) are primarily concentrated in the Nanping Park in Xiangzhou District, areas, causing damage to capacity under extreme rainfall
production equipment, conditions;
Zhuhai, the Pingsha Park in Jinwan District, Zhuhai, and the park in Hefei, we focus on assessing climate-related physical
risks in these regions. work-in-process goods, and Optimize flood prevention placement
Acute Fluvial inventory, thereby affecting of key equipment and inventory, and
In accordance with the IFRS S2 framework, Ninestar has identified the key physical risks it may face in the short, medium, flooding production continuity, raise storage levels or install flood
and long term, and assessed the level of physical risk exposure for major assets under both high-emission and low- delivery efficiency, and protection facilities where necessary.
emission scenarios. This physical scenario analysis adopts two Shared Socioeconomic Pathways (SSPs) from the Sixth logistics flow.
Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), namely SSP1-2.6 (low-emission scenario) May lead to logistics delays,
Strengthen insulation and preheating
and SSP5-8.5 (high-emission scenario), as scenario assumptions. Low difficulties in equipment
management of key equipment to
temperature startup, and reduced
ensure stable startup and operation
operational efficiency;
under low-temperature conditions;
SSP1-2.6 Scenario SSP5-8.5 Low temperatures may
Optimize winter energy and heating
also increase equipment
supply arrangements to avoid
Snowfall maintenance requirements and
Assumes that countries will Assumes a business-as-usual pathway where production fluctuations caused by
energy consumption, thereby
reduce greenhouse gas emissions no greenhouse gas reduction measures are cold weather.
raising operating costs.
in accordance with the Paris implemented, with carbon emissions in 2100
Agreement, thereby limiting reaching three times the level of 2015, resulting in May cause damage to Strengthen structural reinforcement
Scenario description light structures, delays in and hazard inspection of buildings,
global warming to no more than a global temperature increase of approximately Strong wind
logistics, and safety hazards equipment, and outdoor facilities to
in daily operations. improve wind resistance capacity.
(1850), and achieving sustainable century, with significant challenges for mitigation
Optimize ventilation and cooling system
development and adaptation
operations in workshops to ensure stable
May increase the failure production environments under high
rate of equipment, raise temperatures.
Temperature increase
heat stress risks for
(increase in global High Strengthen monitoring of key equipment
employees, reduce overall
work efficiency, and raise
Chronic
reduce risks of failures, downtime, and
safety incidents caused by heat.
Strengthen construction and
At present, the physical risks faced by Ninestar that are assessed as high-risk remain within a reasonable projected range. May damage infrastructure
maintenance of flood prevention and
Sea level rise and affect the long-term
We have analyzed the potential operational impacts of these physical risks and, based on this analysis, have developed drainage facilities in coastal or low-
operational stability.
a comprehensive set of management and adaptation measures, providing us sufficient confidence that such risks can be lying plant areas.
maintained within controllable limits.
Low Medium High
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Based on the identified climate-related physical risks, we systematically analyze, in conjunction with our business activities Overview of Ninestar transition risks and opportunities assessment
and value chain characteristics, the potential impacts of such risks on our financial position, operating results, and cash
flows, with particular attention to transmission mechanisms through revenue, operating costs, capital expenditures, asset Classification Category Potential business impact Mitigation measures
impairment, and financing costs.
• Carbon emission restrictions: As national and
On this basis, we have identified and summarized the following key climate-related financial metrics, which are used to regional carbon emission restrictions become • Deepen the understanding of policies
reflect the impact of climate risks on our financial performance. We are continuously assessing and tracking these climate- and laws: Study the trends of regulations
more stringent, we may be required to pay
in different countries and local
related financial indicators and are progressively improving the underlying data foundation. higher carbon taxes or comply with more
governments, understand the relevant
stringent carbon emission standards, which
green incentives and subsidies, conduct
may result in higher operating costs;
business layout in advance, and flexibly
Type of financial Corresponding climate financial
Category Risk item Description of financial impact • Tighter environmental regulations: New adjust the operation strategy;
impact indicator or stricter environmental regulations (e.g.,
Emergency emission standards, energy efficiency • Actively participate in industry
Disaster prevention materials, -related policy making: Cooperate
protection Typhoon-related disaster prevention requirements) may require us to invest in
Typhoon emergency staffing, evacuation Risks with governmental organizations to
and security and emergency protection expenditures Policies environmentally friendly technologies or
reinforcement deeply participate in the discussion and
expenditures and improve operational processes, which may
laws formulation process of industry-related
result in additional financial costs;
Moisture damage or physical regulations and policies;
Inventory write-off amount caused by • Tightening of compliance requirements for
Precipitation Inventory loss damage to finished products and • Sort out carbon assets: Systematically
rainfall overseas sales: Countries and regions such as
raw materials sort out our carbon assets, explore
the EU and the U.S. have higher standards for
Damage to plants, warehouses, cooperative opportunities in the
Fixed asset repair and write-off climate change and product life cycle carbon
Fluvial flooding Fixed asset loss and equipment requiring repair "electricity-carbon" market, and tap into
expenditures caused by river flooding emissions management, which will affect
or write-off carbon market opportunities;
our overseas business and bring certain
Acute compliance costs.
Order cancellations, claims, or • Understand the regulatory requirements
Low Revenue loss from Revenue loss from sales and breach of different countries and the regulatory
penalties due to delayed product
temperature sales
delivery
penalties caused by low temperature • Green financing: Investors and financial details of key markets, select key
institutions are more inclined to invest products, and promote product carbon
Order cancellations, claims, or Opportunities in green and clean energy projects, and footprint management in an orderly
Revenue loss from Revenue loss from sales and breach
Snowfall penalties due to delayed product governments may enact green incentives and manner.
sales penalties caused by snowfall
delivery subsidies.
Emergency
Disaster prevention materials, • Invest in green technologies: Actively
protection Strong-wind-related disaster prevention • Green technology transformation: With the
Strong wind emergency staffing, evacuation development of low carbon green technology, invest in and apply low-carbon
and security and emergency protection expenditures
reinforcement we need to gradually increase our R&D and technologies and clean energy, such as
expenditures Risks solar energy and BIPV technologies, and
investment in clean technology to improve
Reduced output and lower energy efficiency and reduce pollution to increase investment in clean technology
Production
High product qualification rates, Production loss or quality degradation meet environmental requirements. R&D;
loss or quality
temperature leading to decreased saleable loss caused by high temperature Technology
degradation loss • Increase R&D investments: Explore new
output and reduced revenue. environmental protection technologies
Chronic • Technological innovation and efficiency
Flood protection Upgrading flood resistance of and management approaches, and focus
Additional flood protection and disaster improvement: Green technology on cutting-edge green technologies;
and disaster plants and warehouses in coastal
Sea level rise prevention retrofit expenditures in transformation can drive our technological
prevention retrofit or low-lying areas and conducting Opportunities
response to sea level rise risks innovation, improve energy efficiency, recycle • Enhance green cooperation: Actively
expenditures special engineering retrofits resources, and reduce pollutant emissions, seek technology partners or suppliers to
thus creating a virtuous cycle. jointly develop green solutions.
• Consumers are more inclined to buy products • Improve business diversification: Explore
life management of products. We need to promote the R&D and production of low-
invest more in R&D of green and low-carbon carbon designed printing products, and
In terms of transition risks, Ninestar will conduct systematic analysis in accordance with the main risk categories Risks products to meet the market demand; obtain relevant green certifications;
defined under the IFRS S2 framework, including policy and legal risks, technological risks, and market risks. As major
• Electronic waste full life cycle management • Enhance market adaptability: The
economies worldwide continue to strengthen climate-related policies and regulatory requirements, and with the ongoing requirements are becoming more stringent, strategy departments need to adjust
advancement of China's "1+N" policy framework and regulations such as the EU CSRD, we will place particular emphasis Market which may increase costs related to recycling business strategies to respond to
on transition risks arising from policy changes. At the same time, under increasingly stringent climate and environmental operations. changes in demand and market volatility
through market research and data
constraints, fluctuations in energy and raw material costs, uncertainties in low-carbon technology pathways, adjustments
• Green business opportunities: With the analysis;
in energy structure, and carbon compliance requirements may also affect our operations. low carbon transition, new business
opportunities may arise, such as the • Increase customer communication:
Accordingly, Ninestar will continuously monitor domestic and international climate policy developments, changes in Opportunities Conduct research and communicate
development and application of renewable
upstream and downstream market demand, technological innovation, and energy structure transition trends. With a energy such as rooftop photovoltaics in with key customers on their green and
parks. sustainable development preferences.
forward-looking perspective, we will seek to transform potential risks into development opportunities, ensuring our ability
to effectively adapt to and respond to an evolving external environment.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Classification Category Potential business impact Mitigation measures 8.6.3 Risk Management
• Public expectations: Stakeholders such Ninestar incorporates climate-related risks into its overall risk management framework. Through standardized processes
as domestic and international consumers • Take more social responsibilities:
Improve corporate image and brand and cross-departmental coordination mechanisms, we continuously identify, assess, and manage the potential impacts of
have increasing expectations of corporate
value by actively carrying out and climate change on our operations, financial performance, and long-term development. We are committed to preventing
environmental responsibility. Failure to
participating in social and ecological
Risks respond effectively to climate change and mitigating relevant risks within a reasonably practicable scope, thereby enhancing climate resilience and operational
environmental protection activities;
or to take appropriate environmental stability.
protection measures could damage our • Communicate efficiently and
Reputation brand and reputation and affect our business transparently: Establish an effective
relationships and market position. communication mechanism, strengthen Risk identification
information disclosure, and timely
• Brand image improvement: Actively convey to the public and stakeholders
addressing climate change and implementing We, based on our business characteristics, geographical distribution, and value chain features, regularly
Opportunities the enterprise's environmental
sustainable development strategies can identify climate-related physical and transition risks, including but not limited to extreme weather
protection actions and effectiveness.
enhance our reputation.
events, changes in climate policies, technological transitions, and shifts in market demand. Such risks
are incorporated into the existing risk register for dynamic management.
Based on identified climate-related transition risks and opportunities, we systematically analyze, in conjunction with our
business activities and value chain characteristics, the potential impacts of such risks on our financial position, operating
results, and cash flows, with particular attention to transmission mechanisms through revenue, operating costs, capital Risk assessment
expenditures, asset impairment, and financing costs.
We comprehensively consider the likelihood of risk occurrence, potential impact severity, and
On this basis, we have identified and summarized the following key climate-related financial indicators, which are used to controllability, and apply methods such as scenario analysis to support decision-making. Assessment
reflect the impact of climate risks on financial performance. We continue to assess and monitor these indicators and are results are used to support management's prudent judgment in strategic planning, resource allocation,
progressively improving our underlying data foundation. and operational arrangements.
Type of financial Corresponding climate
Category Risk item Description of financial impact Risk response
impact financial indicator
Daily expenditures arising from Based on risk assessment results, we formulate corresponding management measures, including
Stricter Increased Operation and maintenance
operation and maintenance of new improving emergency response plans, strengthening facility protection, optimizing energy and resource
environmental environmental costs of environmental
equipment and waste disposal management, enhancing supply chain resilience, and promoting energy conservation and carbon
regulations operating costs protection facilities
Policies and activities. reduction initiatives. These measures are coordinated by the ESG Working Group and implemented
laws Energy-saving, emission reduction, through relevant functional departments into specific business processes.
Subsidy income from and technological transformation Subsidies and tax refunds from
Green finance
green policies projects may receive government green projects
subsidies or tax refunds. Supervision and improvement
Pressure from Increased fixed asset investment
Investment in electronic waste The ESG Committee regularly reviews climate-related risk management reports, oversees the
recycling Increased capital such as procurement of dedicated
recycling equipment and implementation progress and effectiveness of relevant measures, and provides guidance for continuous
technology expenditure recycling equipment and construction
storage facilities improvement. We will progressively enhance our climate-related risk management mechanisms in
transition of recycling storage facilities
Technology accordance with regulatory requirements, industry practices, and our own business development,
Technological Energy-efficient green products meet
Sales revenue of products with thereby improving the systematization and effectiveness of management.
innovation Increased green government and industry green
energy-saving, low-carbon, or
and efficiency product revenue procurement demand, driving sales
recyclable properties
improvement growth
Products with energy-saving, low-
Sales revenue of products with 8.6.4 Metrics and Targets
Green business Increased green carbon, and recyclable attributes
Market energy-saving, low-carbon, or
opportunities product revenue help increase sales and drive revenue
recyclable properties
growth Progress
Consulting fees, certification fees,
and internal management costs Targets
Environmental incurred for proactively conducting
Special expenses for green In 2025, we actively promoted PV power
responsibility Increased costs and carbon footprint accounting,
brand building and information We strive to achieve net-zero carbon generation projects, achieving a total PV
and brand expenses preparing ESG reports, and obtaining
disclosure emissions from our operations by power generation volume of 22,435,380.00
Reputation expectations and maintaining product green
certifications in order to build a green improving energy efficiency, using cleaner kWh and total on-grid electricity of
brand image. energy sources, and optimizing production 8,409,400.00 kWh, and obtained 4,977
Products with green certifications gain processes renewable energy certificates (RECs).
Brand image Increased green Sales revenue of certified green
pricing advantages and drive revenue
enhancement product revenue products
growth
Ninestar Corporation 2025 Environmental, Social, and Governance Report
The Company has strictly implemented the management requirements for environmental impact assessment of
construction projects and has obtained the environmental impact assessment approval of all production projects.
Ninestar has adhered to the concept of harmony between humanity and nature, has included biodiversity protection into expansion project in September 2025, equipped it with supporting collection and treatment facilities of organic waste gas
corporate sustainable development practices, and has been committed to reducing adverse impacts on the ecological as required, introduced the organic waste gas centrally collected into the "rotary jet dust collector + demister + activated
environment in business operation and value chain management. carbon adsorption" treatment device for discharge meeting standards upon standardized disposal. See 8.4 Emissions and
Waste Management in this report for details of measures related to waste gas management.
Ninestar has strictly complied with the Environmental Protection Law of the People's Republic of China , the Biosecurity
Law of the People's Republic of China , the Wildlife Conservation Law of the People's Republic of China , and other relevant The Company has implemented the separation of rainwater and wastewater in its park, set a main rainwater valve,
national laws and regulations, and also has upheld relevant principles and guidelines of the Convention on Biological and installed a control valve at each rainwater discharge outlet. The Company has always kept the main rainwater
Diversity, Kunming-Montreal Global Biodiversity Framework, and other international conventions. Given that its main valve closed to effectively prevent leakage incidents or discharge of abnormal water such as fire wastewater into
production areas are located in Guangdong Province, Ninestar has also strictly conformed to relevant requirements in external environment. The rainwater in the park is discharged through the municipal rainwater pipeline network
respect of red lines of ecological protection, base lines of environmental quality, upper limit lines of resource utilization into Guangchang Stream and Shidou Stream, and eventually merges into Zhuwu Stream and Maliuzhou Waterway.
and access list of ecological environment ("Three Lines and One List") specified in the "Three Lines and One List" Zone- Meanwhile, the Company has monitored preliminary rainwater routinely pursuant to requirements of pollution
based Control Plan of Ecological Environment in Guangdong Province . The Company has reduced potential impacts discharge licensing and the monitoring results have complied with relevant national requirements. See 8.5 Water
of operating activities on surrounding ecological environment by enhancing the full-process control of environmental Resources Management in this report for details of the measures related to wastewater management.
elements, including wastewater, waste gas and chemicals.
Control of chemicals
The raw materials used by the Company for production do not include the chemicals set out in the List of Key
Dangerous Chemicals of Environmental Management , nor do they contain heavy metals such as lead, mercury,
cadmium, chromium or the metalloid arsenic, persistent organic pollutants specified in the annexes of the
Stockholm Convention, or relevant substances set out in the List of the Priority-Controlled Chemicals , the List During the Reporting Period, the
of Toxic and Hazardous Air Pollutant s, and List of Toxic and Hazardous Water Pollutants. In order to regulate production and operation activities of
the management of dangerous chemicals, the Company has formulated and implemented the Regulations Ninestar caused no major impacts on
on the Management and Utilization of Dangerous Chemicals , and has adopted unified purchase, hierarchical the ecological system or biodiversity
management and centralized storage, and relevant departments shall use such chemicals as needed. The and its production and operation area
temporary storage areas of dangerous chemicals are equipped with complete emergency supplies and facilities, was located outside the red line of
such as absorbing rags, fire sand, fire extinguishers, dispensers and secondary containers, to prevent leakage and ecological protection and the scope
fire risks and ensure they are safe and controllable. of nature reserves.
Flow diagram of the rainwater pipeline network
Environmental emergency plan and incident wastewater in the factory
The Company has formulated the Emergency Plan for Sudden Environmental Incidents , simultaneously built
supporting management systems, including the Waste Classification and Disposal , the Operation and Discharge 8.7.4 Metrics and Targets
Management of Wastewater Treatment Stations, and the Environmental Hidden Hazard Investigation and
Management , defined the responsibilities for environmental management of all levels, and systematically
Progress
prevented potential impacts on surrounding ecological environment. In occurrence of any incidents which
may incur environmental pollution or trigger ecological damage risks, the Company will immediately activate Targets
the emergency response mechanism and adopt effective measures to deal with them in order to minimize the The Company obtained the environmental
disturbance to water bodies, soil, atmosphere and biological habitat environment, decrease health, ecology and impact assessment approval of the ink
Obtain the environmental impact
property losses possibly incurred, and control the environmental and ecological risks to the lowest extent. factory expansion project in September
assessment approval of all production
projects and reduce potential impacts of
collection and treatment facilities of
Meanwhile, the Company has regularly organized emergency drills, such as chemical leakage, pollution incident handling, operating activities on the surrounding
organic waste gas as required.
emergency fire rescue and fire evacuation, and has formulated the linkage mechanism and entered into mutual rescue ecological system
agreements with surrounding enterprises for the purpose of reinforcing regional collaborative emergency response
capacity and protecting ecological environment and surrounding communities.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Total hazardous waste disposal tons 210.47 219.59
Hazardous waste disposal tons/ RMB 1,000,000
intensity revenue
Total general waste disposal tons 2,025.27 2,109.54
Environmental Performance Waste
management 6 tons/ RMB 1,000,000
General waste disposal intensity 0.1226 0.0799
revenue
Office waste emissions tons 979.68 834.32
ESG Indicator Category Unit Data in 2025 Data in 2024
Production waste (unrecyclable)
Total greenhouse gas (GHG) tons 1,045.59 1,275.22
tCO2e 26,344.67 20,261.65 emissions
emissions 1
Purchased electricity usage 10,000 kWh 4,917.41 3,719.49
Greenhouse gas (GHG) emission Tons of CO2 equivalent/ RMB
intensity 2 10,000 revenue Total photovoltaic power
generation
Direct greenhouse gas (GHG)
tCO2e 252.88 302.85
emissions (Scope 1) Photovoltaic power generation
consumption (self-consumed)
Indirect greenhouse gas (GHG)
tCO2e 26,091.79 19,958.79
emissions (Scope 2) Total on-grid electricity from
photovoltaic power generation
Total industrial wastewater tons 30,885.00 31,078.00
Gasoline usage Liter 89,326.41 107,019.50
Total domestic wastewater 3
tons 625,211.00 / Energy 7
Diesel usage Liter 19,101.00 22,840.00
COD tons 9.08 4.59 Tons of standard coal
Total overall energy consumption 7,873.83 5,533.45
equivalent
Emissions
Suspended solids tons 1.70 6.43 Tons of standard coal
Direct energy consumption 1,830.33 962.19
equivalent
Petroleum tons 0.0005 0.04
Tons of standard coal
Indirect energy consumption 6,043.50 4,571.26
equivalent
Animal and vegetable oil tons 0.13 0.10
Comprehensive energy Tons of standard coal/
consumption intensity RMB 10,000 of revenue
Anilines tons 0.10 0.07
Total packaging materials used
kg 51,902,278.99 22,211,746.41
Five-day biochemical oxygen for finished products
tons 3.37 1.60 Packaging 8
demand (BOD5)
Total sustainable packaging
kg 22,835,424.75 17,171,48
materials used
Total waste gas 4
Particulate matter tons 1.07 2.61
Total VOCs tons 0.52 0.66
Total water consumption tons 901,164.39 879,953.98 Social Performance
Water
resources 5 Total water consumption
tons/ RMB 10,000 revenue 0.55 0.33
intensity
Ninestar Corporation 2025 Environmental, Social, and Governance Report
ESG Indicator Category Unit Data in 2025 Data in 2024 ESG Indicator Category Unit Data in 2025 Data in 2024
Total number of employees Persons 13,798 23,139 Total number of trained employees Persons 10,471 10,216
Number of employees by gender Total number of trained employees by gender
Number of male employees % 56.35 57.98 Trained male employees Persons 5,904 5,978
Number of female employees % 43.65 42.02 Trained female employees Persons 4,567 4,238
Training and
Education
Number of employees by educational background 10 Total training hours of employees Hours 83,565 81,525
Junior college or below % 70.50 64.19 Total training hours of employees by gender
Undergraduate % 26.10 29.74 Average training hours of male
Hours 8 8
employees
Graduate or above % 3.07 6.07 Average training hours of female
Hours 8 8
employees
Employment 9 Number of employees by age group Total number of suppliers with business
Suppliers 2,085 1,649
Supplier dealings
Management
Employees aged 29 and below % 46.48 42.33 Number of audited suppliers Suppliers 1,685 1,328
Employees aged 30-49 % 48.14 47.00 Customer Received and handled cases of product
Cases 8,094 4,071
Service 13 and service complaints
Employees aged 50 or above % 5.38 10.67 Total hours of anti-corruption training
Hours 1,426 975
courses
Number of employees by geographical region Total person-times of anti-corruption
Person-times 713 1,389
training
Chinese mainland % 95.54 64.45 Person-times of the management
Person-times 82 /
participating in anti-corruption training
Hong Kong, Macao and Taiwan % 0.04 0.06 Total person-times of employees at the
director level or above participating in Person-times 82 /
anti-corruption training
Overseas % 4.42 35.49
Business Total hours of anti-unfair competition
Hours 1,441 /
Ethics 14 training
Employee turnover 11
% 10.13 17.80
Total person-times of anti-unfair
Person-times 723 /
competition training
Number of employee deaths related to
Persons 0 0
work in the past three years Person-times of the management
participating in anti-unfair competition Person-times 82 /
Number of working days lost due to
Occupational Days 404.5 311.0 training
work-related injury during the year
Health and Person-times of employees at the
Safety director level or above participating in Person-times 82 /
Safety incidents Cases 0 0
anti-unfair competition training
Training hours of production safety and Number of concluded corruption lawsuits
Hours 43,951 14,409 Cases 0 1
occupational health 12 brought against the issuers or employees
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Economic Performance 9.2 Appendix II Content Index of Global Reporting Initiative (GRI)
Standards
ESG Indicator Category Unit Data in 2025 Data in 2024 We report the information referenced in this GRI Content Index by reference
Instructions for use
to GRI standards for the period January 1, 2025 through December 31, 2025.
Training and Investment in employee
RMB 10,000 282.28 320.55
Education training
GRI 1 GRI 1: Basis 2021
Local Investment in social
RMB 10,000 1,045.00 804.23
Community assistance
Production Investment in production
RMB 10,000 1,955.11 2,187.26
Safety safety General Standard Disclosure Item Report Sections
Entities included in the organization's sustainable
development reporting
About the Report — Reporting
Scope, Data Source
Scope 1 greenhouse gas emissions are mainly derived from direct combustion of gasoline, diesel and other fuels; scope 2 greenhouse gas emissions About the Report — Reporting
are mainly derived from the use of purchased electricity. Ninestar carried out greenhouse gas accounting subject to the Guidelines for Accounting Principles
Methods and Reporting of Greenhouse Gas Emissions by Public Construction Operators (Enterprises) (Trial) issued by the General Office of the 2-4 Restatements of information
National Development and Reform Commission of China; indirect greenhouse gas (GHG) emissions (Scope 2) were calculated based on the national Appendix I Key Performance
average carbon dioxide emission factor for electricity in 2023, 0.5306 kg carbon dioxide/ kWh, specified in the Announcement on Publishing Carbon
Dioxide Emission Factor for Electricity in 2023 issued by the Ministry of Ecology and Environment of the People's Republic of China and the National Indexes (KPIs) of the ESG Report
Bureau of Statistics.
Since the business of Lexmark International was eliminated from the operating revenue of Ninestar in 2025, it declined compared with that in 2024. 2-5 External assurance /
During the same period, greenhouse gas emissions increased correspondingly after the Company improved the statistical caliber and expanded the
statistical coverage of greenhouse gas emissions, which led to a significant increase in the greenhouse gas emission intensity.
Company Profile
In 2025, Ninestar added the statistics of total domestic wastewater, covering the headquarters and subsidiaries of the Company. 2-6 Activities, value chain and other business relationships
In 2025, Ninestar added the statistics of total waste gas, covering the headquarters and subsidiaries of the Company.
Our Industrial Layout
The total water consumption intensity in 2025 rose to a certain extent compared with that in 2024, which was specifically attributable to the same
Employees' Rights, Interests,
GRI 2: General
reason as the increase in the greenhouse gas emission intensity. See Footnote 2 for details. 2-7 Employees
Disclosures Diversity and Equity
In 2025, Ninestar added the indicators of hazardous waste disposal intensity and general waste disposal intensity, and simultaneously disclosed
and supplemented relevant data in 2024. The hazardous waste disposal intensity and general waste disposal intensity in 2025 increased to a certain 2021
extent compared with those in 2024, which was specifically attributable to the reason the same as that for the increase in the greenhouse gas Employees' Rights, Interests,
emission intensity. See Footnote 2 for details. In addition, the general waste includes the office waste generated in the office area and production Diversity and Equity
waste from each subsidiary.
The energy consumption includes the consumption of gasoline, diesel, photovoltaic power generation (self-consumed) and purchased electricity, 2-9 Governance structure and composition Corporate Governance
the relevant factors of which are calculated with reference to national standard GB/T 2589-2020 General Principles for Calculation of the
Comprehensive Energy Consumption of China. Ninestar added the indicators of total photovoltaic power generation and total on-grid electricity
from photovoltaic power generation this year, and simultaneously disclosed and supplemented relevant data in 2024. Besides, Ninestar further Nomination and selection of the highest governance
refined the statistical scope of purchased electricity usage, and incorporated relevant data of Sanrun, a subsidiary, into statistics, thus, relevant data body
in 2025 increased dramatically compared with that in 2024. The reason for the increase in comprehensive energy consumption intensity is the same
as that for the increase in greenhouse gas emission intensity. See Footnote 2 for details.
Ninestar further improved the statistical methods and caliber of packaging materials and re-verified and corrected the data of total packaging
materials used for finished products in 2024.
Role of the highest governance body in overseeing the
Subject to the sale of business of Lexmark International, the total number of employees of Ninestar plummeted and the data related to number of 2-12 Corporate Governance
employees fluctuated, which are changes incurred by normal business adjustment. management of impacts
Due to local laws and regulations, some overseas subsidiaries could not provide complete statistics of educational background of employees. The
educational background of a total of 45 overseas employees was unknown this year. 2-13 Delegation of responsibility for managing impacts Corporate Governance
The statistical scope of the employee turnover covers the functional personnel of Ninestar Corporation.
Given Ninestar further improved the statistical caliber of training hours of production safety and occupational health, relevant data increased Role of the highest governance body in sustainable
compared with that in the previous year. development reporting
Ninestar further refined the statistical caliber of received and handled cases of product and service complaints to comprehensively incorporate
relevant complaint data of each subsidiary and sales channel of Ninestar. As a result, relevant data grew sharply in 2025 compared with that in 2024.
In 2025, Ninestar incorporated the data associated with anti-corruption and anti-unfair competition into the statistical coverage and disclosed it.
Ninestar Corporation 2025 Environmental, Social, and Governance Report
General Standard Disclosure Item Report Sections General Standard Disclosure Item Report Sections
Ecosystem and Biodiversity
Collective knowledge of the highest governance Governance of Sustainability 101-4 Determination of the impact of biodiversity
body Corporate Governance GRI 101:
Biodiversity Ecosystem and Biodiversity
Evaluation of the performance of the highest 101-6 Direct driving factors of the loss of biodiversity
governance body
Highlights in 2025
Indexes (KPIs) of the ESG Report
Statement on sustainable development Sustainable Development Commitment GRI 201:
strategy and Strategy Economic 201-2 Responses to Climate Change
opportunities due to climate change
Performance
GRI 2: General Sustainable Development Commitment 2016 Defined benefit plan obligations and other retirement
Disclosures and Strategy plans
Sustainable Development Commitment
Governance of Sustainability Ratios of standard entry level wage by gender
GRI 202: 202-1 /
compared to local minimum wage
Business Ethics and Anti-corruption
Responsible Products Presence 2016 Proportion of senior management hired from the local
community
Mechanisms for seeking advice and raising
concerns GRI 203: 203-1 Infrastructure investments and services supported Community Philanthropy
Indirect
Impact 2016
Responsible Supply Chain
Procurement 204-1 Proportion of spending on local suppliers
Management
Business Ethics and Anti-
Employees' Rights, Interests, Diversity 205-1 Operations assessed for risks related to corruption
and Equity
GRI 205: Anti-
Communication and training about anti-corruption Business Ethics and Anti-
policies and procedures corruption
GRI 3: Material Business Ethics and Anti-
Topics 2021 corruption
Materiality Issue Impacts, Analysis of GRI 206: Anti-
Risks and Opportunities competitive 206-1 Risk Management
and monopoly practices
Behavior 2016
Policies to prevent and reverse the loss of
GRI 101: 101-1 Ecosystem and Biodiversity Conservation
biodiversity 207-1 Approach to tax /
Biodiversity GRI 207: Tax
Ninestar Corporation 2025 Environmental, Social, and Governance Report
General Standard Disclosure Item Report Sections General Standard Disclosure Item Report Sections
Stakeholder engagement and management of Green Product
GRI 207: Tax concerns related to tax Energy Management
Emissions 2016
Green Products Nitrogen oxides (NOx), sulfur oxides (SOx), and Appendix I Key Performance
GRI 301: Indexes (KPIs) of the ESG Report
Waste generation and significant waste-related
Materials 306-1 Emissions and Waste Management
impacts
GRI 306: Waste Appendix I Key Performance
Energy Management 306-3 Composition of waste generated
Indexes (KPIs) of the ESG Report Recovery operations used to divert waste from
GRI 302: 306-4 Emissions and Waste Management
disposal
Energy 2016 Energy Management
Indexes (KPIs) of the ESG Report
GRI 308: New suppliers that were screened using Responsible Supply Chain
Appendix I Key Performance Supplier environmental criteria Management
Indexes (KPIs) of the ESG Report Environmental
Assessment Negative environmental impacts in the supply Responsible Supply Chain
GRI 302: 308-2
Energy 2016
Reductions in energy requirements of products and Employees' Rights, Interests,
services 401-1 New employee hires and employee turnover
Appendix I Key Performance
Employment
Benefits provided to full-time employees that are Employees' Rights, Interests,
not provided to temporary or part-time employees Diversity and Equity
GRI 303:
Water and 303-3 Water withdrawal Water Resources Management Employees' Rights, Interests,
Effluents Diversity and Equity
GRI402：劳资关 Minimum notice periods regarding operational Employees' Rights, Interests,
系 2016 changes Diversity and Equity
Appendix I Key Performance
Indexes (KPIs) of the ESG Report Occupational health and safety management
system
GRI 305:
Appendix I Key Performance
Emissions 305-1 Direct (Scope 1) Greenhouse gas (GHG) emissions Hazard identification, risk assessment, and incident
Indexes (KPIs) of the ESG Report 403-2 Occupational Health and Safety
GRI 403:
Energy indirect/(Scope 2) Greenhouse gas (GHG) Appendix I Key Performance 403-3 Occupational health services Occupational Health and Safety
emissions Indexes (KPIs) of the ESG Report Health and
Worker participation, consultation, and
GRI 305: Safety 2018 403-4 Occupational Health and Safety
communication on occupational health and safety
Emissions Other indirect/(Scope 3) Greenhouse gas (GHG)
Appendix I Key Performance
Indexes (KPIs) of the ESG Report
Ninestar Corporation 2025 Environmental, Social, and Governance Report
General Standard Disclosure Item Report Sections General Standard Disclosure Item Report Sections
Prevention and mitigation of occupational health and GRI 415:
safety impacts directly linked by business relationships Public Policy 415-1 Political contributions N/A
GRI 403: Workers covered by an occupational health and safety
Occupational management system
Assessment of the health and safety impacts of
Health and GRI 416: 416-1 Responsible Products
product and service categories
Safety 2018 403-9 Work-related injuries Occupational Health and Safety Customer
Health and
Incidents of non-compliance concerning the health
Safety 2016 416-2 Responsible Products
GRI 405: Employees' Rights, Interests, Requirements for product and service information
Diversity Diversity and Equity and labeling
and Equal GRI 417:
Opportunities Ratio of basic salary and remuneration of women to Employees' Rights, Interests,
and Labeling service information and labeling
GRI 406: Non-
Incidents of discrimination and corrective actions Employees' Rights, Interests, Incidents of non-compliance concerning marketing
discrimination 406-1 417-3 Risk Management
taken Diversity and Equity communications
GRI 407 GRI 418:
Substantiated complaints concerning breaches of Privacy and Information
: Freedom of Operations and suppliers in which the right to freedom Customer 418-1
customer privacy and losses of customer data Security
Association 407-1 of association and right of collective bargaining may N/A Privacy 2016
and Collective be at risk
Bargaining 2016
GRI 408: Child Operations and suppliers at significant risk for
Labor 2016 incidents of child labor
GRI 409: Forced
Operations and suppliers at significant risk for
or Compulsory 409-1 N/A
incidents of forced or compulsory labor
Labor 2016
GRI 410:
Security personnel trained in human rights policies or
Security 410-1 N/A
procedures
Practices 2016
GRI 411
: Rights of Incidents of violations involving rights of indigenous
Indigenous peoples
Peoples 2016
Operations with local community engagement, impact
GRI 413: Local 413-1 Community Philanthropy
assessments, and development programs
Communities
negative impacts on local communities
GRI 414: Responsible Supply Chain
Supplier Social Management
Assessment Negative social impacts in the supply chain and Responsible Supply Chain
actions taken Management
Ninestar Corporation 2025 Environmental, Social, and Governance Report
Standard Index
Dear readers:
Thank you for reading the Report. This is our Environmental, Social and Governance (ESG) Report 2025. We sincerely hope
that you could evaluate the Report and provide valuable comments to help us make continuous improvement.
Dimensions No. Issues Report Sections
Ecosystem and Biodiversity
Conservation Name: Tel.:
Environmental compliance
Environment
management
Work unit: Email:
The Company did not engage in any scientific research, □ Great □ Good □ Average
technological development or other activities in
ethics, such as life science and artificial intelligence, so
it is not applicable
Society
The balance of accounts payable (including bills
Equal treatment of small and payable) of the Company did not exceed RMB30 billion
medium-sized enterprises or account for more than 50% of total assets as at the 3. Do you think the content arrangement and style design of the Report are convenient for reading?
end of the Reporting Period, so it is not applicable.
□ Great □ Good □ Average
Safety and quality of products and
services
Data security and customer privacy
protection Which part of the Report are you most interested in?
Employees' Rights, Interests, Diversity and Equity;
Safety
Governance 19 Communication with stakeholders Management of Stakeholders ______________________________________________________________________________
Anti-commercial bribery and anti-
Related to
corruption
Sustainability
Do you have any other suggestions for us to issue the ESG Report?
______________________________________________________________________________
Ninestar Corporation
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