SI Sino Grandness T4B

Original report: PDF p. 40 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 39 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 38 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 42 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 41 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 41 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 37 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 36 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 35 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 39 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 38 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 36 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 35 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 38 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 37 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 36 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 40 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 39 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 39 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 38 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 37 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 41 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 40 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 38 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 37 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 36 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 35 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 39 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 38 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 37 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 36 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 39 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 40 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.

Current Note5 subsidiary NCI carrying amount is RMB935/1,111 thousand, while consolidated NCI in the primary statement is RMB934/1,110 thousand for FY2023/FY2022. The RMB1 thousand differences are retained; consolidated primary totals are not changed to the note values.

The USD150,372,476 bondholder demand is translated as RMB963,775,184 in Note36 and RMB963,810,321 in the audit report/Note37. Both source conversions are retained; no invented exchange rate reconciles the RMB35,137 difference.

The RMB270 million settlement payable over 3.5 years is a proposed term sheet. The 2 April 2025 announcement and current annual Note37 say other terms/definitive agreements were still being finalised. This is not a completed settlement.

Annual shareholding snapshot is 12 December 2025, distinct from the 31 December 2023 financial position. Registered nominee accounts, direct holdings and overlapping deemed interests are retained separately; no nominee beneficial-owner map or additive total is inferred.

Top twenty registered accounts total 733,498,820 shares. The printed 63.79% equals the sum of rounded row percentages; dividing the exact share aggregate by 1,149,410,658 yields 63.82% rounded. Both printed and recomputed percentages are disclosed.

Four statutory directors are distinct from four senior managers. Wang Xiaowei is Director of Overseas Market, not a statutory director. Annual documents do not name a current CFO; the January/April 2026 meeting minutes refer to an unnamed CFO.

Dr Qiu Yang is the annual-report Company Secretary, but resigned effective 30 September 2026. The later official notice does not name a replacement. Huang Yupeng remains the named Chairman and CEO on that notice.

The FY2023 AGM held on 13 January 2026 re-elected Huang Yushan and Tan Qing Wen, Jeremy, and approved RT LLP for FY2024. It does not constitute a FY2024 annual report or remove the FY2023 Disclaimer of Opinion.

Note5 contains eighteen holding paths for fifteen distinct subsidiary entities. Grandness Anhui interests 16.7% and 83.3% total 100%; Grandness Sichuan paths 71.77% + 4.78% + 4.78% total 81.33% effective interest. Its subsidiary Sichuan Zhenying is immediately 100% held, not 100% effective Group-owned.

May Pipa was incorporated on 13 December 2023 under Garden Fresh (Shenzhen) Beverage Technology and wound up on 19 November 2024. It remains in the separately dated FY2023 subsidiary schedule; subsequent winding up is not backdated.

Garden Fresh Beverage Group proposed disposal received shareholder approval on 22 April 2026. The later transaction would remove a beverage group; shareholder approval is not proof of completion. FY2025 pro forma EPS and management results in the meeting appendix are unaudited and do not replace the FY2023 annual statements.

The April 2026 trading-resumption proposal is not approval to trade. The 20 August 2026 official update says SGX returned the application on 19 August because queries including audited prior-year accounts, AGMs and debts remained outstanding. No completed resumption is inferred.

Original report: PDF p. 54 ↗

Five years ended 31 December 2019–2023. All monetary statements are in Renminbi thousands; basic and diluted EPS are in Renminbi cents per share. Group comprehensive income, financial position, changes in equity and cash flows, and Company financial position are disclosed. No separate Company income, cash-flow or changes-in-equity statement is disclosed.

The FY2023 annual report, signed on 7 November 2025, contains a Disclaimer of Opinion. Its financial year remains FY2023; it is not a FY2025 financial report.

The latest disclosed comparative presentation is used for each closing year: FY2023/FY2022 from the FY2023 annual report, FY2021 from the FY2022 annual report, FY2020 from the FY2021 annual report, and FY2019 from the FY2020 annual report. This is a series of disclosed annual statements, not a claim that every historical year has been fully restated to the same accounting basis.

FY2022 annual report Note 39 (physical pages 111–113) restates FY2021. Group owner profit changes from RMB(36,006) to RMB145,465 thousand; opening retained profits at 1 January 2021 change from RMB821,437 to RMB342,379 thousand. The separately disclosed opening financial positions at 1 January 2021 are retained with that exact date, and are not relabelled as the FY2020 closing statements. No fully restated FY2020 income statement is supplied by this disclosure.

FY2020 annual report Note 2(f)(i) (physical pages 48–50) restates FY2019 and the opening position at 1 January 2019. Original FY2019 statements and both restated opening financial positions are retained separately. The original FY2019 income statement separately presents cessation-of-production expenses and bond/derivative items; those source rows are preserved.

FY2023 annual report Note 38 (physical page 118) separates FY2022 cash RMB433,955 thousand into cash and bank balances RMB414,955 thousand and fixed deposits RMB19,000 thousand. The same RMB19,000 thousand reduces comparative financing cash flow and closing cash equivalents. Original FY2022 Group financial position and cash flows are retained separately.

The Company FY2022 comparative in the FY2023 annual report (physical page 38) differs from the original FY2022 annual report (physical page 35): equity is RMB435,649 versus RMB475,965 thousand, other payables RMB83,383 versus RMB43,067 thousand, accumulated losses RMB(432,330) versus RMB(392,013) thousand, and other reserves RMB76,479 versus RMB76,478 thousand. Assets remain RMB778,473 thousand. Note 38 does not provide a matching Company reconciliation. The original is retained, and no cause is inferred.

FY2023 comparative Group financial position classifies other investments RMB1,000 thousand as non-current, while the FY2022 original classifies the same amount as current. Non-current assets change from RMB2,050,363 to RMB2,051,363 thousand and current assets from RMB1,454,286 to RMB1,453,286 thousand; total assets are unchanged. Deposits paid for non-current assets remain nil in both. No unsupported change in investment value is inferred.

Changes in equity include an unlabelled subtotal of owner transactions. It repeats the component transfer/contribution entries and is not counted twice in the roll-forward. Where the original prints the previous year closing balance without repeating the next opening caption, that original closing caption is retained with explicit period-boundary metadata.

The FY2022 restatement note labels a RMB31,937 thousand trade-receivable adjustment as a reversal, while the primary cash-flow amount is positive. The original source caption and sign are retained. Differences in original and restated cash-flow presentation are not described as new cash transactions.

FY2023 audit is a Disclaimer of Opinion, signed by RT LLP on 7 November 2025. Going-concern uncertainty, bond litigation exposure and unrecognised Company financial-guarantee provisions form the basis. Management statements about a true and fair view do not constitute the auditor opinion.

Reporting year is FY2023 ended 31 December 2023; signature and authorisation in November 2025 and SGX release on 28 December 2025 do not create a FY2025 annual report. Later FY2025 management accounts and disposal pro forma calculations are unaudited and are not substituted for annual statements.

FY2021 restatement changes owner result from RMB(36,006) to RMB145,465 thousand, and opening retained profits from RMB821,437 to RMB342,379 thousand. Source FY2022 Note39 discloses the adjustments. Original FY2021 statements and separately dated 1 January 2021 opening positions are retained.

The restated 1 January 2021 opening positions are not relabelled as FY2020 closing statements. No fully restated FY2020 profit or cash-flow series is disclosed in Note39. FY2020 closing statements remain from the FY2021 comparative and the later opening balances show the subsequent adjustments separately.

FY2021 finance costs change from RMB(91,057) to RMB(160,408) thousand, although the Note39 income adjustment list omits a finance-cost row. Note39 cash-flow interest expense changes from RMB90,931 to RMB160,283 thousand. No complete reconciliation beyond the printed note and primary statements is invented.

FY2022 Note39 prints original FY2021 cost of sales as (1.069,807), with a period in the first thousands separator. The actual original primary statement prints (1,069,807); published primary values follow the original statement and the malformed note string is retained as a source discrepancy.

Company FY2022 comparison is unexplained by Note38: equity RMB475,965 original versus RMB435,649 later, payables RMB43,067 versus RMB83,383, accumulated losses RMB(392,013) versus RMB(432,330), reserves RMB76,478 versus RMB76,479 thousand. Assets remain RMB778,473 thousand. The original statement is retained; no financial-guarantee or director-loan cause is inferred.

FY2022 Group cash RMB433,955 thousand is reclassified as cash/bank RMB414,955 plus fixed deposits RMB19,000 thousand. Comparative financing cash flow changes from RMB2,748 to RMB(16,252) thousand. This changes the cash-equivalent perimeter, not total assets or a newly inferred cash transaction.

FY2022 other investment RMB1,000 thousand moves from current in its original report to non-current in the FY2023 comparative. Non-current/current subtotals change by plus/minus RMB1,000 thousand and total assets remain unchanged. Deposits paid for non-current assets are nil in both reports.

FY2019 restatements and 1 January 2019 opening positions are separately retained under FY2020 Note2(f)(i). The original FY2019 income statement includes cessation-of-production and bond/derivative rows absent from the later presentation. Original rows and cash-flow decompositions remain available; the note does not provide a complete cash-flow bridge.

Source precision differences are preserved: FY2022 restated opening other payables RMB155,698 versus the FY2020 closing RMB155,697 thousand, and the corresponding opening liabilities differ by RMB1 thousand beyond the listed bond adjustment. No additional adjustment is invented.