安井食品：关于2026年度“提质增效重回报”行动方案的半年度评估报告(英文版)

AnjoyFoodsGroupCo.,Ltd.InterimEvaluationReportonthe2026CorporateValueand

ReturnEnhancementActionPlan

AnjoyFoodsGroupCo.,Ltd.(hereinafterreferredto"Company"or"Anjoy"),inordertoproactivelyrespondtotheinvestor-orienteddevelopmentphilosophyof"puttinginvestorsfirst",andstrivetoachievethegoalofhigh-qualitydevelopmentofcompany,issuedtheEvaluationReportonthe2025AnnualCorporateValueandReturnEnhancementActionPlanandthe2026AnnualCorporateValueandReturnEnhancementActionPlanon31March2026,conductedaperiodicreviewoftheimplementationprogressandresultsoftheplan.Theinterimevaluationoftheprogressoftheactionplanisherebyannouncedasfollows:

I:FocusingonCoreBusinessandImprovingOperationalQualityIn2026,theCompanycloselyadheredtothestrategicthemeofstrengtheningourcorebusinessandsystematicallyadvancedthedualimprovementofoperationalefficiencyandprofitability.Inthefirsthalfof2026,theCompanygeneratedrevenueofRMB9.266billion,representingayear-on-yearincreaseof21.85%comparedwiththefirsthalfof2025;netprofitattributabletoshareholdersofthelistedcompanywasRMB822million,upby21.62%year-on-year;andnetprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosseswasRMB753million,upby24.81%year-on-year.

1.UpgradingStrategyandEnhancingEfficiencySince2025,wehaveupgradedourcorestrategyfrom"Channel-Driven"to"NewProduct-Driven",andshiftedourvaluerealizationpathfrom"CostReductionandEfficiencyEnhancement"to"QualityandEfficiencyEnhancement",placinggreateremphasisonbuildingdifferentiatedcompetitivebarriersthroughproductinnovationandqualityupgrading.Againstthisbackdrop,wecontinuedtorolloutnewproducts

andnear-newproductswithhighergrossmarginsandgreatermarketcompetitivenesstoourdistributors,optimizingtheirprofitstructure;atthesametime,byadvancingtheconstructionofstar-ratedretailstoresandimplementingthe"KOL"CultivationInitiativetoempowerourdistributorsinlocalizedcontentmarketingandshort-videotrafficgeneration,wehaveadoptedmultiplemeasurestoimprovetheoperationalefficiencyandmarketresponsivenessofourchannelterminals.

2.SolidNewProductPerformanceAcrossSegmentsFrom2025tothefirsthalfof2026,theCompany'snewly-developedproductsandrecently-launchedproductsdeliveredstrongmarketperformance.TheLock-Freshproductline,ashigh-marginproductsforindividualcustomers,hasseensimultaneousrevenueandprofitgrowthforconsecutiveyears.Thisproductlinehasnowbeenupdatedtoversion6.0,withtheadditionofmultiplenewstrip-andstick-shapedproductssuitableforvarioushomecookingscenarios,suchashotpotsandhome-cookedstir-fries;the400gvacuumsealedexquisiteseriessuccessfullyenteredthemid-rangepricesegmentandachievedhighergrowthrates;the100gpasteproductsdeliveredoutstandingperformance,withtheshrimppasteseriesbeingakeyentrypointforthecooperationwithmajorsupermarketchainsandgainingparticularmarketrecognition;meatysausageseries,asakeyproductstrategicallyenteringthegrilledsausagemarketforindividualconsumers,becameanewgrowthengine;tiger-skinfriedeggseffectivelyfacilitatedtheCompanytoexpandintonewchannels,suchasspicypoacheddishesandMaocai,withthedifferentiatedformcomparedtotraditionalmeatballproducts;amongthe"SixRisingStars"rice-and-flourproductlineupundertheyouth-orientedfigurativebunssegment,corn-shapedbunsandorange-shapedbunswereparticularlypopularinthemarket.Newdistinctiveproducts,includingrose-shapedcake,dual-colorMalayspongecakeandtraditionalporksteamedbun,werealsolaunched.WithexclusivespecificationsdevelopedforgroupmealsinSouthernChina,theCompanyeffectivelyreducedtheintensityofhomogeneouscompetitioninthericeandflourproductmarket.Thefamilybucketassortedpackforhotpotingredientsreceivedpositivefeedbackfromthemarket,andtheCompanywillcontinuetoexpanditsproductofferingsbyintroducingmultiple

combo-sizeoptionsin2026.DingWeiTai'sfrozenbakeryproducts,suchastoastandbagels,alsogrewsteadilythroughnew-styleteabeverageandpartnersupermarketchannels.

TheLock-Freshproductlineversion6.0100gShrimpPaste

3.FocusingonSausageProductsandDrivingIn-DepthExcellenceFollowingtwoyearsofaccumulationandmarkettesting,theCompany’ssupplychaincapabilitiesinthegrilledsausagesectorhavebecomeincreasinglymature,productionprocesseshavebeencontinuouslyoptimized,andthechannelstructurehasbecomemorediversified.Recognizingthebroadgrowthpotentialofthegrilledsausagesegment,theCompanyhasfurtherfocusedongrilledsausageproductsthisyearbyintegratingandcoordinatingitssausageproducts.Theseincludefivemajorproductseries,namelyHotPotSausageSeries,GradeAVolcanicStoneGrilledSausage,GradeBVolcanicStoneGrilledSausage,MeatySausageSeriesandTaiwaneseStyleGrilledSausageSeries,andtheywerepositionedasthethirdlargestsegmentoftheCompany’sprincipalbusiness.In2026,ononehand,theCompanywillcontinuetolaunchnewproductsbasedonitsexistingvolcanicstonegrilledsausageproducts,whicharesuitableforbraiseddelisections,touristattractions,oden,malatangandotherchannels,toexpanditsgrilledsausageseriesforbusinesscustomers.Ontheotherhand,forindividualconsumers,theCompanyhasimplementeddifferentiatedupgradesinweightandpackagingformeatysausageslaunchedin2025,andhassetupdedicatedgrilled-sausagecountersatretailoutletstoenrichSKUandenhanceend-marketperformance.Intermsofproductioncapacity,theCompanyhascontinuedtoexpandandupgradeitsfullyautomated,intelligentandspecializedsausage

productionbase,therebycomprehensivelyconsolidatingtheproductioncapacityfoundationforthesausagecategory.Leveragingcontinuouslyoptimizedproductionprocessesandscaleadvantages,ithassteadilyimprovedtheoverallprofitabilityofthesausagecategory.

GrillingMachineVolcanicStoneGrilledSausageII:EmphasizingInvestorReturnsandSharingBusinessAchievementsTheCompanyhasalwaysadheredtothecorephilosophyofsharingdevelopmentresultswithshareholders,placedgreatemphasisonreasonableinvestmentreturnsforinvestors,maintainedthecontinuity,stabilityandpredictabilityofourprofitdistributionpolicy,andtakenintooverallconsiderationthecapitalrequirementsfortheCompany'slong-termdevelopmentandtheoverallinterestsofallshareholders.TheCompanyhasestablishedascientific,transparentandsustainableinvestorreturnmechanism.In2025,theCompany'stotalcashdividendsamountedtoRMB952million(inclusiveoftax),accountingfor70.01%oftheCompany'snetprofitattributabletoshareholdersofthelistedcompanyasreportedinthe2025consolidatedfinancialstatements(audited).Theestimatedcashdividendsforthefirsthalfof2026areRMB576million(inclusiveoftax),accountingfor70.01%oftheCompany'snetprofitattributabletoshareholdersofthelistedcompanyasreportedintheconsolidatedfinancialstatementsforthefirsthalfof2026(unaudited).TheCompany'sdividendpayoutratiohasincreasedfrom30.02%in2022to53.17%in2023,andfurtherroseto70.05%in2024,remainingabove70%fortwoconsecutiveyears.Theactualdividendpayoutratiosignificantlyexceedsthe40%threshold

stipulatedintheCompany'sarticlesofassociation,demonstratingtheCompany'sfirmcommitmenttosharingdevelopmentresultswithitsshareholders.III:PersistinginR&DInnovationandCultivatingtheCompany'sNewQualityProductiveForcesDrivingindustrialtransformationandupgradingthroughthecultivationofnewqualityproductiveforces,theCompanyisbuildingafull-chaininnovationecosystemthatbridgestechnologyR&Dandmarketcommercialization.

1.DistributedR&DSystemandLocalizedPrecisionInnovationTheCompanyhasestablishedadistributedR&DframeworkwithAnjoy'sdistinctivecharacteristics,settingupR&Dcentersateachofitsproductionbasesacrossthecountry,eachresponsibleforthedevelopmentofcategoriessuchashotpotfoods,grilledsausages,andquick-frozenflourandriceitems.ByimplementingalocalizedR&Dmechanism,theCompanyensuresthatproductinnovationcloselyalignswithregionalmarketpreferences,therebyacceleratingtheefficiencyoftheentireinnovationcyclefromlaboratorytoshelf.

2.NewProductIterationandCommercializationasDualDriversTheCompanyalwaysadherestoitsnewproductplanningstrategyof“onegenerationindevelopment,oneinproductionandoneinreserve”,focusingonthecoredemandsofindividualcustomersregardingsafety,health,nutrition,andcleanlabelbycloselytrackingthedevelopmenttrendsofthe“fivelows”(lowsugar,lessoil,lowsodium,lowfat,andlowcalorie)andthe“fourfrees”(sucrose-free,dye-free,artificialflavoring-free,andpreservative-free)infastmovingconsumergoods.Itdrivesbrandtransformationandupgradingthroughproductinnovation,achievingthedualbenefitsofbrandenhancementandsalesfacilitation.In2025,theCompany'snewproductsdeliveredstrongmarketperformance.TheHotPotFoodAssortedPack,shrimppasteseries,meatysausageseries,andfigurativebuns(includingcorn-shapedbunsandorange-shapedbuns)allreceivedpositivemarketrecognition,validatingtheCompany'sefficientcapacityfortranslatinginnovationintocommercialresults.In2026,theCompanywilllaunchnewproductsinthequick-frozenflourandrice

productssegment,includingdual-colorrose-shapedcakes,persimmon-shapedbuns,andapple-shapedbuns,whilealsointroducingnewsausageproductstailoredfordiversescenariossuchassupermarketdelisectionsandtouristattractions,continuouslyenrichingtheproductmixandreinforcingthefoundationforlong-termgrowth.

JuicyPlumpSausagerose-shapedcakes

3.EmpoweringManufacturingwithDigitalizationAcrosstheValueChainTheCompanyisvigorouslypromotingfullcollaborationandconnectivityacrossIT,digitalization,andsmartmanufacturing.ByleveragingandcustomizingbothinternalR&Dandexternaltechnologies,theCompanyhasachievedfull-processdigitalizationfromstrategicplanningtobusinessexecution,therebyenhancingthetimelinessandscientificnatureofdecision-makingandcomprehensivemanagement.TheBusinessIntelligence(BI)systemoftheCompanyenablesreal-timeanalysisofinformationacrossvariousdimensions,includingproducts,customers,regionalmarketsandmarketingpolicies,andalsocostanalysisandrefinedmanagementattheproductionend.Withtheenhanceddecision-makingcapabilitiesbroughtbydigitalization,theCompanyhasstrengthenedcommunicationandcollaborationwithdistributors,ensuredproductionefficiencyandfurtherimprovedqualitycontrolmechanisms.ThecomprehensivedigitalizedqualitycontrolsystemoftheCompanyenablesfull-processtraceabilityfromrawmaterialsourcing,throughproduction,packagingandlogistics,tocustomerreceipt.IV.StrengtheningInvestorCommunicationThroughMultipleChannels

Inthefirsthalfof2026,theCompanycontinuedtodeepentheinvestorrelationsmanagementandactivelybuiltanefficient,transparentandmulti-dimensionalcommunicationsystem.Duringtheperiod,theCompanysuccessfullyheldthe2025annualresultsbriefingviatheSSERoadshowCenterplatform,combiningvideowebcastwithonlinetextinteraction,andactivelyparticipatedinthe2025AnnualReportResultsBriefingandOnlineCollectiveInvestorReceptionDayforlistedcompaniesintheXiamenjurisdiction,effectivelyexpandingthereachandeffectivenessofinvestorcommunications.Intermsofday-to-daycommunication,theCompanyhasconsistentlymaintainedacomprehensiveandmulti-channelinvestorcommunicationmechanism,withparticularemphasisonprotectingthelegitimaterightsandinterestsofminorityshareholders.Inthefirsthalfof2026,theCompanyrespondedtoinvestorconcernsthroughtheSSEe-Interactiveplatforminatimelymanner,answeringatotalof29questionswitha100%responserate,whichdemonstratesthattheCompanyattachesgreatimportancetoaddressinginvestorneeds.Throughresultsbriefings,roadshows,on-siteinvestorvisitsandotherapproaches,theCompanyhascontinuedtofacilitatein-depthdialoguebetweenmanagementandinvestors,enhancingmutualtrustandunderstanding,andenablingthecapitalmarkettogainamorecomprehensiveandobjectiveunderstandingoftheCompany'svalue.Tofurtherensureinformationtransparencyandfairness,theCompanyhasmaintainedamonthlydisclosureofinvestorrelationsactivityrecordsduringthereportingperiod,detailinginvestorconcernsraisedduringsurveysandtheCompany'sresponses,therebyensuringthatallshareholdershaveequalaccesstooperationalinformation.Goingforward,theCompanywillcontinuetorefineitscommunicationstrategy,expandcommunicationchannels,anddrivehigher-qualitydevelopmentofitsinvestorrelationsmanagement.V.ImprovingGovernanceandStandardizedOperationsInthefirsthalfof2026,theCompanysuccessfullycompletedtheelectionofanewBoardofDirectors,ensuringanorderlytransitionofitsgovernancestructure.

Followingtheelection,thechairpersonsofthespecialcommitteesforAudit,Nomination,RemunerationandEvaluation,andSustainabilityareallindependentnon-executivedirectors.Furthermore,theprofessionalbackgroundsofthechairpersonsarehighlyalignedwiththeirrespectivecommitteemandates.Thisarrangementenableseachcommitteetomaintainanindependentandobjectivestanceindeliberatingonmaterialmatters,whilealsobetterleveragingtheprofessionalexpertiseofindependentdirectors,whoareabletoprovidetargetedopinionsandrecommendationsonfinancialaudit,talentselection,performanceevaluation,andESGmatters.Duringthereportingperiod,theCompanyconvenedoneshareholders'meeting,twoBoardmeetings,tenmeetingsofspecialcommitteesoftheBoard,andoneindependentdirectors'meeting,ensuringtheorderlyfunctioningofitsgovernancemechanisms.Throughtheindependentdirectors'meetingsystem,independentdirectorshaveactivelyparticipatedindecision-makingandoversight,contributingtoacontinuousimprovementinthequalityofBoarddecisions.Inparallel,theCompanyfurtherstrengtheneditsESGmanagementandactivelyadvancedsustainability-relatedinitiatives.Asofthedisclosuredateofthisreport,basedonthelatest2025ESGratingresults,theCompany'sWindESGratinghasbeenupgradedfromBBBtoA,anditsHuaZhengESGratinghasbeenupgradedfromBBBtoAA,withtheCompanyrankingfirstintheindustryintheGovernancedimension.Theseratingresultsreflectthemarket'spositiverecognitionoftheCompany'ssustainabilitypracticesanddemonstratetheCompany'sprogressinESGperformanceduringthisperiod.VI.ReinforcingPerformanceResponsibilitiesofKeyPersonnelDuringthereportingperiod,weplacedgreatemphasisontheperformanceofdutiesandriskmanagementofthekeypersonnel,includingourcontrollingshareholder,ouractualcontroller,directorsandseniormanagement,andstrengthenedaccountabilitymechanismsaswellasincentiveandconstraintmechanisms,furtherconsolidatingouraccountabilityframeworkforcorporategovernance.Westrictlyimplementedthe

provisionsoftheRemunerationManagementRulesforDirectorsandSeniorManagementregardingcompensationstructure,stipulatingthattheremunerationofdirectorsandseniormanagementconsistsofbasesalary,performance-basedcompensationandlong-termincentiveincome,ofwhichperformance-basedcompensationshallaccountfornolessthan50%ofthetotalofbasesalaryandperformance-basedcompensationinprinciple.Meanwhile,theperformance-basedcompensationofdirectorsandseniormanagementislinkedtoourannualperformance,withacertainpercentageofsuchcompensationretainedforpaymentafterthedisclosureoftheannualreport.Duringtheyear,wehaveprogressivelyestablishedaregularanddiversifiedtrainingmechanismforthekeypersonnel,activelyorganizedthestudyofregulatorypolicies,communicatedthelatestregulatoryrequirementsinatimelymanner,andcontinuouslyarrangedfordirectorsandseniormanagementtoparticipateinprofessionaltrainingtoenhancetheirperformancecapabilitiesandriskawareness,strengthenlegalandcomplianceawareness,andfurtherconsolidatethegovernancecapabilitiesofourmanagementteam,therebyenhancingorganizationaldynamismandpromotingasteadyimprovementinouroverallgovernancestandards.VII.ConclusionandOutlookInthefirsthalfof2026,theCompanymadetargetedeffortsincoreareasincludingimprovingoperationalquality,enhancingshareholderreturns,andoptimizingcorporategovernanceandinformationdisclosure,withallworkstreamsachievingpositiveresultsasplanned.Lookingaheadtothesecondhalfoftheyear,theCompanywillcontinuetobalancesteadyoperationswithreformandinnovation.Ontheonehand,wewillfocusonourcorebusinesstostrengthenourcompetitiveness,;ontheotherhand,wewillcontinuetooptimizecapitalallocationandstrivetocreatelong-termvalueforourshareholders.TheCompany'smanagementandallemployeeswillremainconfidentandpragmaticintheirefforts,drivingthesuccessfulcompletionofallannualtargetsandobjectiveswithhighquality.

VIII.RiskWarningTheCompany'splansanddevelopmentstrategiesreferredtointhisactionplanareforward-lookingstatementsthatdonotconstitutehistoricalfacts,nordotheyconstituteanysubstantivecommitmentmadebytheCompanytoinvestors.Investorsareadvisedtoexercisecautiontotherelevantrisks.BoardofDirectorsAnjoyFoodsGroupCo.,Ltd.August24,2026