O V ER V I E W O F

G R A N D B L U E

2025

CONTENTS

I Overview 3

Ⅱ Solid Waste Disposal 9

Ⅲ Technological Innovation 16

Overview

Overview

Headquartered in Nanhai District, Foshan City，Grandblue Environment Co., Ltd. is a stateowned publicly listed enterprise specializing in environmental services

(stock code: 600323), with the State-owned Assets Supervision and

Administration of Nanhai District holding a 37.72% stake as

its actual controller. As of June 2025, Grandblue has A total of 77 counties of 54 cities in 20

provinces and 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

Guangdong and Fujian provinces. Meanwhile, we hold stakes in a number of waste-to-energy projects in Bangkok, Thailand. • Top 10 Environmental Service Provider in China

• Rated as Top 10 Impactful Chinese Enterprise for Solid Waste Disposal for 11

Consecutive Years

• Most Socially Responsible Water Enterprise in China for 13 Consecutive Years

Milestones

Since its listing two decades ago, Grandblue has evolved from a

municipal public service provider to a nationwide comprehensive

environmental service enterprise

Acquired Jiujiang Waterworks

Foray into sewage treatment

Acquired NanhaiGreen Power

Foray into solid waste disposal

Acquired C&G Environment Protection，with nationwide expansion；

Acquired Nanhai Gas Foray into gas service

Ranked among the Top 3 domestic WtE enterprises inChina; Equity holder in several Waste to Energy projects in Bangkok, Thailand.

2000 - 2005

10th FYP Period

Local presence Biding our time 2006 - 2010

11th FYP Period

Local root

Diversified

footprint

2011 - 2015

12th FYP Period

Nationwide

expansion Crossover

2016 - 2020

13th FYP Period

Brick by Brick

Holistic planning 2021 - 2025

14th FYP Period

Industrial

leadership via

top-down

empowerment

Acquired Guoyuan Environment, venturing

into sanitation services；

Acquired kitchen waste & industrial hazardous waste businesses

Expanding from a local

business to nationwide

presence

Building a full industrial

chain with holistic &

integrated solid waste

disposal services

Local diversified

development

Going global with an

eye of international

expansion

Spanning a full spectrum of ecological & residential services,

Grandblue facilitates the creation of a green, low-carbon and circular

economic system in the region

Business Operations

Solid Waste

Treatment

20 years+

Energy

30 years+

Water Supply

40 years+

Drainage

20 years+

l Top 10 Environmental Service Provider in China

l Rated as Top 10 Impactful Chinese Enterprise for Solid Waste Disposal for 11

Consecutive Years

l China's Top 10 Waste to Energy Enterprise

l Top 100 Chinese Listed Companies by ESG Performance

l Bloomberg Green ESG - Development Potential

l Paulson Prize for Sustainability - Top 10 for Green Innovation

Honors

§ Hang Seng Ashare Sustainable Enterprise Benchmark

§ ESG300

§ 380 ESG Leaders

§ 380 ESG

§ ESG Biodiversity Pioneer Enterprise in the Greater Bay Area

§ First batch selection of typical cases of

industrial park pollution reduction and carbon

reduction synergy efficiency by the Foreign Cooperation and Exchange Center of the Ministry of Ecology and Environment § The first batch of carbon neutral carbon peak

pilot projects in Guangdong Province

§ Selected into the United Nations Climate Conference's \"2022 Corporate Climate Action Case Collection\" § TOP 10 in the green innovation of the Paulson

Sustainability Award for 2 consecutive years

§ Low Carbon Pioneer Award in Carbon Neutrality

§ World' s fir s t I S O 3 7 0 0 1 anti -bribe r y management system certification in the

industry

§ Disclosed ESG report for 16 consecutive years

§ A-share Responsibility Index

§ CCTV CSR Nomination

§ CSI A500

§ Wind Midcap ESG Trend

Awards in Sustainable Development

§ Information disclosure graded A for 4 straight

years

§ Corporate Governance Special Contribution Award

§ The only one in the environmental industry

listed in New Fortune's \"Best ESG Information Disclosure Award\" § Full Spectrum Investor Relations Gold Award

§ Golden Bull Listed Company Gold Information Disclosure Award, ESG Top 100 Award, Most

Valuable Investment Award

§ 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 ESG Top 100

List § Hong Kong Sing Tao News ESG Excellence in

Environmental Performance Professional

Award

Key Indices Inclusions due to Strong ESG Practice

VCU carbon emission reduction transactions of 960,000 tons and

CCER transactions of 72,000 tons

Pioneer in Carbon Reduction

2021

Group total carbon emission reduction of 3.13m tons

Foshan Solid Waste Treatment Industrial Park achieving carbon

emission reduction of 700k tons

2022

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

2024

Sustainable Growth

Solid Waste Disposal

Waste-free Cities Empowered by a

Full Industrial Chain with Holistic &

Integrated Solid Waste Disposal

Services

Grandblue has established a comprehensive vertical chain

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 has consistently improved

the comprehensive environmental management service

capacity, enabling the building of a \"wastefree city.\"

Solid Waste Disposal

A Full Industrial Chain with Holistic & Integrated

Solid Waste Disposal

As of 2025, Grandblue has delivered high-quality solid waste disposal services to 77 counties of 54 cities in 20 provinces and

autonomous regions. Additionally, Grandblue is an equity holder in several waste incineration power generation projects in Bangkok，

Thailand. 77 Counties of 54 Cities in 20 Provinces

“Overall municipal”butler

service that eliminates the

fragmentation in urban

management

Intensive “big diversion” and “fine classification” transfer

disposal - integration of waste

collection, transfer and

transport

Multi-source solid waste

100% co-processing for

pollution and carbon

reduction & green recycling

of resources

Front-end Mid-end Tail-end

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”

Nanhai District Smart Municipal Command Center

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

green recycling of resources

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

The sharing of energy, resources and environmental protection facilities has enabled recycling across the entire industrial chain, addressing the

challenges of site selection, NIMBY syndrome, low resource utilization and secondary pollution caused by the scattered construction and lack of

synergy in the decentralized disposal of multi-source solid waste. The synergetic management of pollution & carbon reduction could slash carbon

by 700,000 tons/year. Less demand for

land resources Less difficulty of site selection

Less workload of EIA, safety and

stability assessment Less NIMBY

Less energy use

Less operating costs

More reuse More cut-down on waste

More efficiency and rigor in

regulating urban and rural solid waste collection, transportation and

tail-end disposal, etc

More efficient operation & management Less pollutant emissions Better city image

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

“Recycling 1.0” is featured by the dominance of power

generation through waste incineration to co-process

different solid wastes, thus producing green power for

preliminary comprehensive use of resources. ”Recycling 2.0”is marked by an all-round upgrade of

the intensive utilization of existing resources and

comprehensive recycling of secondary waste and by- products in order to form final products.

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

Technological Innovation

Prioritizing Technological Innovation and Building a

Multi-Level R&D Management System

• Grandblue Research Institute - Exploring

second growth curve

• Business units – Entities for project

research, pilot and implementation

New business New technology

Saving

energy

Improving

technique

Upgrading

equipments

A distinctive \"three-level & four-tier R&D system\" has been established through the synergy of subsidiaries, business units and Grandblue

Research Institute, with the aim of building core competitiveness of our core technologies. • 9 high-tech businesses • 1 corporate technology center • 2 provincial engineering

technology centers • 1 provincial corporate key

laboratory (industry-universityresearch) development base

• 1 provincial intellectual

property demonstration

enterprise

• 2 provincial-level “professional, specialized and distinctively new”

businesses

• Subsidiaries - Building quality and

efficiency

Gr andblue Res ea r ch Ins titut e wa s

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\".

Integrated & Open Platform for Technological Innovation

Grandblue Research Institute

Science and

technology

Innovation

Platform

400+ patents

Industry research + technology R&D + design calculation + inspection analysis + industry

incubation + venture capital

Professional research

platform

Solid Waste

Research Inst i tute

Comprehensive

Envi ronment

Research Inst i tute

New Energy

Research Inst i tute

Public service platform

Design and

Calculat ion Center

Exper imental

Test ing Center

(Hanzheng Test ing)

Technology

Management

Depar tment

Science and

Technology

Innovat ion Center

(Grandblue

Technology)

General

Management

Depar tment

• Application technology：Developed the first waste sorting “cloud supervision” platform – Nanhai sorting cloud manager - to

create a smart cloud service platform covering smart sanitation, smart municipal works, smart building service, etc, to manage

people, vehicles, objects and things involved in urban environmental services in smart manner. • Efficiency improvement：

1. Timely adjust indicators to deal with problems by the needs of sanitation work, improving flexibility and adaptability. 2. Optimized the way environmental sanitation supervision works with better quality and efficiency.

Smart City Management Platform with more Precise &

Efficient Environmental Management

Nanhai District Smart Municipal Command Center

l Application technology: Real-time and predictive route planning for waste collection and transport based on Grandblue’s indigenous route

optimization algorithm OmniRoute and industrial-grade map OmniMap

l Efficiency improvement：More efficient scheduling, collection and transport of food and kitchen waste, solving the problem of food and kitchen

waste collection from the source, achieving efficient garbage collection and transport, timely handling of emergency situations, fine business data

management, and real-time government regulation and social supervision. The system has been further modified and applied to agricultural

waste and industrial hazardous waste, forming an efficient closed-loop collection and transport system.

The Smart Collection and Transport System Enables Efficient

Transportation & Closed-loop Disposal of Sorted Waste

registration and warehousing

confirm data

and send

send

tasks and

optimal routes

Central control

LocGIS system

garbage production

end; manually send

collection

requirements

through apps garbage receiving

end; calculate total weight garbage transport end; Identity verification, garbage collection, weigh and charge

Smart collection and transport system

Home page business report map

real-time monitoring

task query

trajectory

playback

task scheduling

collection and

transport tasks collection and

transport point management

trashcan management

• Application technology: New technologies

such as cloud computing, big data, IOT, and

industrial Internet are embedded in all aspects

of production and application to build AI

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 50%-70%

with enhanced combustion efficiency; up to

23% increase in stability of waste incineration

steam flow. Applied in over 100 incinerators

with an ex tra 360 million Kwh of green

electricity generated per year.

Incineration Power Plants with Smart Management of

Full Life Cycle

Waste incineration digital twin large screen