Overview 3

Ⅱ Solid Waste Disposal

9

Ⅲ Technological Innovation 16

Overview

Overview

Headquartered in Nanhai District,Foshan City，Grandblue Environment Co.,Ltd. isastate-ownedpublicly listedenterprisespecializing inenvironmental services (stock code: 6oo323),with the State-owned Assets Supervision and Administration of Nanhai District holding a 37.72% stake as its actual controller.

Asof June2025,GrandbluehasA totalof 77 countiesof54citiesin 20 provincesand autonomous regions rely on Grandblue's high-quality solid waste treatment services. These regions and provinces include Guangdong, Fujian,Hubei, Hunan,Hebei, Liaoning,Guizhou,Jiangxi,Heilongjiang,Shandong, Shanxi,Anhui,Inner Mongolia,Zhejiang,Sichuan,Yunnan,Jiangsu,Guangxi, Hong Kong and Shanghai. We are the largest Waste-to-Energy company in Guangdongand Fujian provinces.Meanwhile,we hold stakes ina numberof waste-to-energyprojectsin Bangkok,Thailand.

Top10EnvironmentalServiceProviderinChina
RatedasTop10 Impactful Chinese Enterprise forSolid Waste Disposal for11 Consecutive Years
Most Socially Responsible Water Enterprise in China for13 Consecutive Years

Milestones

202223555

municipal public service provider to a nationwide comprehensive decades ago, Grandblue has evolved from a 2002022550 8瀚蓝 30211 empo-erment lelndushiaVia
environmental service enterprise 13th FYP Period Ranked among the Top 3 grand blue Brickby Brick domestic WtE enterprisesir 2001-31115 Holistic planning China;Equity holder inseve 12th FYP Period Acquired Guoyuan Waste to Energy projects in Nationwide Environment,venturing Bangkok,Thailand. 2420 -9400 南海发展 N expansion Crossover into sanitation services; Acquired kitchen waste Ger Acquired C&G &industrial hazardous 11th FYP Period
Z222002555 N南海发展股份有限公司 lanHai De nent Co.,LTD. Diversified Local root Environment Protection,with waste businesses expansion e
10th FYP Period footprint nationwide expansion; Acquired Nanhai Gas Buildinga full industrial
Local presence
Biding our time Acquired Nanhai Forayinto gasservice chain with holistic& Green Power integrated solid waste
Waterworks Acquired Jiujiang Foray into solid waste disposal Expanding from a local business to nationwide disposal services
Foray into sewage
treatment presence Local diversified development

Business Operations

Spanning a full spectrum of ecological & residential services, Grandblue facilitates the creation of a green, low-carbon and circular economic system in the region

Honors

Top 10 Environmental Service Provider in China
Rated as Top 10 Impactful Chinese Enterprise for Solid Waste Disposal for 11
Consecutive Years
China's Top 10 Waste to Energy Enterprise

Top 10o Chinese Listed Companies by ESG Performance Bloomberg Green ESG - Development Potential Paulson Prize for Sustainability - Top 10 for Green Innovation

SustainableGrowth

AwardsinSustainable Development

Pioneer in Carbon Reduction

城

Information disclosure gradedA for4 straight years
CorporateGovernance Special Contribution Award
Theonly one in the environmental industry listedin New Fortune's "Best ESG Information Disclosure Award"
Full Spectrum Investor Relations Gold Award Golden Bull Listed Company Gold Information DisclosureAward,EGTopAward,ost Valuable InvestmentAward
China Listed Company Social Responsibility Award
Top 100 ESG listed companies in China
Xinhua News Agency Jinlan Cup ESG Excellent Case
Top 10 in the Greater Bay Area ESGTop 100 List
Hong Kong Sing Tao News ESG Excellence in Environmental Performance Professional Award ESG Biodiversity Pioneer Enterprise in the Greater BayArea
First batch selection of typical cases of industrial park pollution reductionand carbon reductionsynergyefficiencybytheForeign Cooperation and Exchange Center of the Ministry of Ecologyand Environment
The firstbatch of carbon neutral carbonpeak pilot projects in Guangdong Province
Selected into the United Nations Climate Conference's "2022Corporate ClimateAction Case Collection"
TOP 10 in the green innovation of the Paulson SustainabilityAward for2consecutiveyears LowCarbon Pioneer Award in Carbon Neutrality
World's first ISO 37001 anti-bribery management system certification in the industry
Disclosed ESG report for 16 consecutive years

2021

VCU carbon emission reduction transactions of 96o,ooo tons and CCER transactions of 72,oo0 tons

2022

Group total carbon emission reduction of 3.13m tons

Foshan Solid Waste Treatment Industrial Parkachieving carbon emission reduction of 7ook tons

2024

7 million Green Electricity Certificates were issued for Guiyang, Nanhai Green Power,Dalian and other projects

Key Indices Inclusions due to Strong ESG Practice

·Hang Seng A-share Sustainable Enterprise ·CSI A500 ·380 ESG Leaders Benchmark ·Wind Midcap ESG Trend ·380 ESG ·ESG300

·A-share Responsibility Index ·CCTV CSR Nomination

Solid Waste Disposal

Solid Waste Disposal

Waste-free Cities Empowered by a FullIndustrial Chainwith Holistic& Integrated Solid Waste Disposal Services

Grandbluehasestablishedacomprehensiveverticalchain development model covering front-end sanitation integration,middle-end transfer,and back-end treatment. Likewise,it has established horizontal synergistic integration and resource utilization advantages in the treatment of household waste,kitchen waste,sludge,industrial hazardous waste,agricultural waste, garden waste, bulk waste，and medical waste,and hasconsistently improved the comprehensive environmental management service capacity, enabling the building of a "waste-free city."

A Full Industrial Chain with Holistic & Integrated Solid Waste Disposal

Vertical and Horizontal Integrated Solid Waste Treatment Whole Industry Chain

77 Counties of 54 Cities in 20 Provinces

As of 2025,Grandblue hasdelivered high-qualitysolid waste disposal services to77countiesof 54cities in 20 provinces and autonomous regions.Aditionally,Grandblue isanequity holderinseveral wasteincineration power generationprojects in Bangl Thailand.

3,814 Kitchenwaste,greaseand feces treatment:3,814 tons/day

1,400
Sludge treatment:1,400
tons/day 97,590 Waste to Energy:97,590 tons/day 550,000
Slagrecycling project:550,000 tons/year 2,040,000
Domestic waste landfill:2.04 million cubic meters 9,115
Wastecompression transfer: 9,115tos/day 30
Medical waste treatment:30 tons/day

225,500 Industrial hazardouswaste treatment:225,500tons/year

335
Agricultural waste disposal: 335
tons/day
40
Large garbage disposal: 40
tons/day

A Holistic & Integrated Solution for "Waste-free Cities

Technology empowerment: "Waste-free urban brain" advances the quality and efficiency of the entire industry chain of urban solid waste disposal services.

A Holistic & Integrated Solution for “Waste-free Cities"

Back end: Multi-source solid waste 100% co-processing for pollution and carbon reduction & green recycling of resources

Thesaringofeesouadvroealprotetiilitissebdicstetireustrialcaindite chalengesofsiteetionNsdoe,lwesourceutiltiadecondarypltiousedyheateredcnstructiadackf synergyinthedcentralizeddisposalofulti-sourcesolidwaste.Thesynergeticmanagementofpolution&carbonreductioncouldahcarbon by 700,000 tons/year.

A Holistic & Integrated Solution for “Waste-free Cities"

end: Multi-source solid waste 100 % co-processing for pollution and carbon reduction & green recycling of resources

Domestic waste Food waste Sludge Industrial hanardouswaste livistacedanddulty Hazard-free fully ate ! leachate Igrease ; Drysludge Recycling recycled fully H CI ＆ wasty ! psthitmnt irctar crude oil · wasey highaunium ammonia hricrogen crystalline stalt bone mnd crude oil islag iflyash biogasurry,! Ibiogas 'residue gher Product-centric added value conversion offsite gren buidings green hydro- electrinity organic green biodiesel, green ceramics builidings post-treat- hydrogen green aiuminum watetilubleiediese gen,green fertilizer methanol circular use recycling bio-organic methanol natural gas withinparks fertilizer,insect protein "Recycling 1 . 0 ^ { \prime \prime } is featured by the dominance of power Recycling 2 . 0 ^ { \prime \prime } is marked by an all-round upgrade of generation through waste incineration to co-process the intensive utilization of existing resources and different solid wastes, thus producing green power for comprehensive recycling_ of secondary waste and bypreliminary comprehensive use of resources. products in order to form final products.

Technological Innovation

Prioritizing Technological Innovation and Building a Multi-Level R&D Management System

Adistinctie"three-level&four-tierR&Dsystem"hasbeenestablishedthroughthesynergyofsubsidiaries,businessunitsandGrandblue Research Institute, with the aim of building core competitiveness of our core technologies.

Grandblue Research Institute - Exploring
second growth curve Core 9 high-tech businesses
New business New technology competitiveness Denteyegle 1 corporate technology center 2 provincial engineering Research Cutting-edge technologyresearch over5years technology centers
Business units - Entities for project 1 provincial corporate key
research,pilotandimplementation labeach)yinedupm-university 1 provincial intellectual Saving Improving Upgrading BusinesResearchomrovingpesprametersandquipmnt 2-3years property demonstration energy technique equipments units 2provicialelprss Subsidiar- Technicalmodificationproject 1year specialized and distinctively new" Subsidiaries - Building quality and ies businesses efficiency

Integrated & Open Platform for Technological Innovation

Industry research ^ + technology R&D ^ + design calculation ^ + inspection analysis ^ + industry incubation ^ + venture capital

Grandblue Research Institute was inaugurated in 2020,when the government encouraged businesses to "set up new-type research institutes with in-house R&D"，to create an industry-leading open R&D platform integrating technology development, testing and analysis,and industry incubation,and contribute our part to the national twin targets of "carbon peaking& carbon neutrality".

Grandblue Research Institute Science and Professional research Public service platform technology platform Innovation Platform Solid Waste Design and Research Institute Calculation Center Science and Technology Innovation Center Comprehensive Experimental (Grandblue Environment Testing Center Technology) Research Institute (Hanzheng Testing) New Energy Technology General Research Institute Management Management Department Department

400+ patents

Smart City Management Platform with more Precise & Efficient Environmental Management

Application technology:Developed thefirst waste sorting"cloud supervision" platform-Nanhaisorting cloud manager- to createasmartcloudservice platformcovering smartsanitation,smart municipal works,smartbuilding service,etc,tomanage people,vehicles, objects and things involved in urban environmental services in smart manner.

Efficiency improvement:

1.Timelyadjust indicators todeal with problems bythe needs ofsanitation work,improving flexibityand adaptability.
2. Optimized the way environmental sanitation supervision works with better quality and effciency.

The Smart Collection and Transport System Enables Efficient Transportation & Closed-loop Disposal of Sorted Waste

Applicationtechnology:Rea-timeandpredictiverouteplanningforwastecollctioandransportbasedonGrandblue'sindignousroute optimization algorithm OmniRoute and industrial-grade map OmniMap

Eficencprvet:etsdtdtraspoofodastentobddi wastecolleoutbidsrtilimeisa managementandreal-tiegovermentregulatioandsocialsupervision.Tesystemasbnfurthermodifiedadappliedtogricultural waste and industrial hazardous waste, forming an effcient closed-loop collection and transport system.

Incineration Power Plants with Smart Management of Full Life Cycle

Application technology: New technologies such as cloud computing, big data, lOT,and industrial Internet are embedded in all aspects of production and application to build Al algorithm models for full-chain data, process optimization of Waste to Energy and flue gas emission predictions

Efficiency improvement: Substantial workload reduction in manual data analysis by 5 0 % - 7 0 % with enhanced combustion efficiency; up to 23 % increase in stability of waste incineration steam flow. Applied in over 1oo incinerators with an extra 360 million Kwh of green electricity generated per year.