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I. Green Finance Transformation

The company proactively aligns with the national "dual-carbon" strategy, crafting a dedicated Green Finance Strategy that continuously enriches its green financial products system and explores green transformation pathways, providing impetus for the high-quality development of green finance.

Green Leasing: Yuexiu Financial Leasing seizes the trend of green, low-carbon transformation, integrating the "dual-carbon" strategy with rural revitalization efforts to enhance green transformation. It continuously increases investment in green sectors such as new energy, environmental protection, water management, eco-tourism, and logistics. In 2023, Yuexiu Financial Leasing's new energy business investment reached 15.22 billion yuan, a nearly ninefold increase YoY. The distributed photovoltaic business has a cumulative installed capacity of 4.05GW, reducing carbon dioxide emissions by 2.15 million tons over the year. It continues to promote the systematic construction of new energy product systems, strengthens team, process, and institutional support, establishes industry-leading business standards, and effectively supports rapid business development.

Green Asset Management: Guangzhou Assets leverages its strengths in non-performing asset management of local asset management companies, using the operation and management of non-performing assets as an entry point. It applies a variety of methods, including acquisition and disposal, restructuring, and reorganization, to assist enterprises in asset revitalization and green transformation.

Green Investment: Yuexiu Industrial Fund consistently practices the "dual-carbon" goals and green development philosophy, establishing a green dual-carbon investment group focused on green fields. While meeting investment returns, it focuses on providing financial services to enterprises that improve the environment, address climate change, and efficiently use resources. In 2023, Yuexiu Industrial Fund continued to deepen equity investment and industrial collaboration in the "dual-carbon" field, investing in high-quality targets in green fields such as new energy and the intelligent technology industry chain for vehicles.

Green Futures: In 2023, Guangzhou Futures focused on new energy green varieties such as industrial silicon and lithium carbonate, designing futures hedging and delivery plans for enterprises to optimize risk management and resource allocation. It also organized investment education activities through thematic research and forum meetings, releasing several in-depth reports on new energy.

II. Serving the Real Economy

The company remains committed to the principle of "financing the real economy to foster high-quality development", implementing new development concepts and upholding the political and people-oriented nature of financial work. By deeply focusing on the Guangdong-Hong Kong-Macao Greater Bay Area, the company actively fulfills its mission to serve the real economy.

Yuexiu Financial Leasing, in alignment with national strategies, is dedicated to serving the regional economic development. It focuses on high-end equipment clientele, providing tailored financial services, engaging with key manufacturers, and expanding industry cooperation, particularly in the high-end manufacturing sector within the Greater Bay Area. In 2023, Yuexiu Financial Leasing committed an additional 18.75 billion yuan to urban infrastructure, public services, and high-end manufacturing, pioneering innovative financial solutions to facilitate industrial transformation and advancement.

Guangzhou Assets remains steadfast in its focus on non-performing asset management, operating within the Greater Bay Area to revitalize regional financial assets and proactively contribute to the mitigation of financial risks. In 2023, Guangzhou Assets acquired 13.012 billion yuan in non-performing assets, with collateral primarily concentrated in prime real estate markets of first and second-tier cities within the Greater Bay Area.

Yuexiu Industrial Fund concentrates on strategic emerging industries in the Greater Bay Area, including semiconductors, new energy vehicles, aerospace technology, and artificial intelligence, achieving an additional investment of 5.878 billion yuan over the year, with significant investments in leading enterprises such as CloudWalk Technology, CanSemi Technology, GAC Aion, Acco Power, CAS Space, and ASENSING Technology. It supports the local economy by aligning with Guangzhou's "3+5" strategic industry framework, promoting investments that resonate with the "14th Five-Year Plan" priorities for emerging pillar and advantageous industries.

Guangzhou Futures, in its pursuit to serve the real economy, has accelerated its institutional and industrial transformation. It has delved into new green-related futures contracts listed on the Guangzhou Futures Exchange, with its market-making transactions in industrial silicon futures ranking among the industry's top three. Complementing the green development strategy, it has expanded the green industry chain within the Greater Bay Area. In the realm of customer risk management, it has utilized financial instruments to assist enterprises in hedging. In 2023, Guangzhou Futures reported an average daily equity of 7.214 billion yuan and initiated 24 "insurance + futures" projects with a notional principal amount reaching 1.276 billion yuan.

III. Advancing Inclusive Finance

The Company is at the vanguard of executing the Central Government's directives on inclusive finance, meticulously applying the strategic deployments and regulatory stipulations from the State Council and supervising bodies at every level. We are steadfast in our innovation of inclusive financial products and services, committed to enhancing the democratic and political attributes of financial services. It is our mission to provide the vast cohort of micro, small, and medium-sized enterprises (MSMEs) with more convenient and efficient financial services, thereby pioneering new frontiers in high-quality development. In 2023, the Company channeled an additional 21.956 billion yuan into inclusive operations, extending services to over 190,000 MSMEs, including more than 160,000 agricultural households.

Inclusive Business: Yuexiu Financial Leasing is at the forefront of expanding its inclusive finance initiatives, continuously deepening its professional transformation. It is pioneering service models for MSMEs based on the "chain leader" concept, offering products tailored for sectors such as household distributed photovoltaics, engineering machinery, and new energy vehicles.

Yuexiu Financial Leasing has established a robust framework of inclusive policies, promulgating internal guidelines on business operations and issuing directives related to inclusive finance to standardize the development of its inclusive business. It integrates technological solutions throughout the business cycle, creating a digital platform for green photovoltaic services and an "Intelligent Inclusive Retail Leasing" platform. These platforms encompass a range of applications, from online customer acquisition and services to asset management, risk assessment, and the automatic identification of high-risk clients. The digital platform for green photovoltaic services supports electronic contracts and signatures for farmers, facial recognition, and integrates with online banking and direct lending facilities. It also leverages IoT devices to monitor photovoltaic power stations and employs big data models to analyze and diagnose operational issues, ensuring asset security and the long-term stability of farmers' revenues, thus providing a robust system for the specialized and meticulous management of photovoltaic services.

Non-performing Consumer Loan Business: Guangzhou Assets is dedicated to effectively mitigating personal non-performing financial risks and actively promotes inclusive finance through non-performing consumer loan operations. In 2023, Guangzhou Assets increased its acquisition of non-performing consumer loans by 1.327 billion yuan and reached settlement agreements with 398 debtors over the year. By devising tailored repayment plans and employing personal debt restructuring and credit repair mechanisms, Guangzhou Assets has assisted numerous individuals, deemed "honest but unfortunate," in overcoming debt challenges, effectively managing personal non-performing financial risks and contributing to the enhancement of personal credit and the societal credit system.

Inclusive Guarantee: Yuexiu Guarantee offers a suite of guarantee products to cater to the diverse financing needs of MSMEs, providing credit enhancement services across various sectors, reducing financing costs, and increasing efficiency. It interfaces with partner banks through productized cooperation to conduct financing services, offering credit guarantees for micro and small enterprises and addressing their financing challenges in a batch process. Additionally, it provides non-financial guarantee services by issuing bid and performance bonds for MSMEs, replacing their security deposits. In 2023, Yuexiu Guarantee facilitated 760 million yuan in guarantees for MSMEs, serving a total of 1,505 MSME clients.

IV. Responsible Investment

The Company has established a comprehensive responsible investment strategy that spans the entire lifecycle of "raising, investing, managing, and exiting" in investment management business.At each stage, we define clear strategies and evaluation criteria, integrating ESG considerations into the investment analysis and decision-making processes. In 2023, we continued to advance the integration of ESG principles into our business development, benchmarking against leading domestic and international ESG investment practices and refining our ESG investment evaluation system.

Fundraising Phase: By combining ESG with the company's key investment directions, macroeconomic trends, and industry dynamics, we initiate the establishment of ESG-themed funds. Yuexiu Industrial Fund has successively managed two state-owned funds with a scale exceeding 5 billion yuan. In cooperation with Jiangxi High-Level Talent Base and Jiangxi Finance Investment Group, the Yuexiu Nanchang Fund was established. Additionally, in collaboration with leading new energy companies in photovoltaics and energy storage, a new energy infrastructure investment fund was set up, focusing on the direction of China's industrial structure adjustment and adhering to the implementation of national strategies and services to the real economy.

Pre-investment Phase: Incorporating ESG elements in line with the standards of the China Securities Index and listed companies, we integrate ESG factors into due diligence, review processes and feasibility reports, with a particular focus on the environmental protection and pollution, social responsibility, and corporate governance performance of potential projects. During the review process, the ESG performance of target companies is given significant weight. On environmental issues, the company considers both qualitative and quantitative standards, such as waste emissions, total water usage, and product energy efficiency, to anticipate the environmental risks of potential investments and assist in making informed investment decisions. Preference is also given to new technologies and business models that can address environmental issues and enhance social contributions, such as industries in new energy, biopharmaceuticals, and artificial intelligence.

Investment Phase: Exercising our role as proactive investors, we incorporate ESG metrics and continuously monitor the comprehensive and healthy development of our investees, providing them with ongoing support through industrial resource integration, capital connection, and other diversified services to help them solidify the concept of sustainable development.

Post-investment Phase: We clarify the profit-taking and stop-loss strategies for listed projects and issue corresponding policies, refine the exit strategies for different types of primary market projects, and integrate ESG management capabilities into the development process of investees. By empowering investees and providing ESG guidance, we promote their continuous improvement in ESG capabilities, creating long-term value for all stakeholders.