Dear Shareholders,

We are pleased to present a set of commendable results for the financial year ended 31 March 2026 (“FY2026”), which marks the first full year of operational performance of our closed-loop circular economy sweet potato industrial value chain in Liancheng County, Fujian Province.

As we strive to refine and enhance the operational efficiency of our sweet potato industrial value chain, building upon the relatively stable growth observed in Liancheng County, we have accelerated the pace of our expansion plans. In FY2026, we made additional investments and established new business ventures in various regions of China, including Lingao County, Hainan Province, and Quanzhou City, Fujian Province, as well as internationally with our presence in Singapore. While these operations are in their early stages, such investments are essential for driving our growth trajectory in the years to come, as we remain committed to delivering value to our stakeholders while adapting to evolving market conditions.

REVENUE ANALYSIS BY REPORTABLE BUSINESS SEGMENTS AND PRODUCTS

FYE 31 March (RMB ’000)	1H FY2026	2H FY2026	Variance	FY2026
Cultivation & Supply
Fresh sweet potatoes	56,740	127,811	125.3%	184,551
Sweet potato seedlings	4,792	433	(91.0)%	5,225
Product Innovation & Food Production
Sweet potato processed products	157,021	256,045	63.1%	413,066
Other food related products	23	120	421.7%	143
Recovery & Recycling
Fermented sweet potato waste	2,056	2,430	18.2%	4,486
Total	220,632	386,839	75.3%	607,471

In FY2026, Zixin Group recorded an overall increase in revenue across all reportable business segments, achieving RMB 607.5 million, which reflects a 43.0% rise from RMB 424.7 million in FY2025. The notable growth in revenue from fresh sweet potatoes and sweet potato processed products during the second half of FY2026 (“2H FY2026”) can be attributed to the harvest of fresh sweet potatoes in Liancheng County, which began in late August 2025 and continued until early February 2026. This increase was further supported by additional procurements from other sweet potato growing regions in Hainan and Yunnan Provinces to satisfy market demand, as well as outsourcing orders for conventional dried strip sweet potatoes and sweet potato fries processed products to third-party factories in Liancheng County, where these products are manufactured under our proprietary brands. This strategy aligns with our transition towards in-house production of higher-margin range of sweet potato processed products.

Conversely, the decline in revenue from sweet potato seedlings in 2H FY2026 was a result of reduced sales to external parties following the planting season in Liancheng County, which typically occurs from March to July. Our intended expansion into Lingao County, Hainan Province, seeks to complement the planting and harvesting seasons with those of Liancheng County, Fujian Province, with the goal of achieving balanced sales revenue in the near future.

Nonetheless, we pushed ahead with our expansion plans in other regions of China and overseas, particularly Singapore, while simultaneously driving growth in our base in Liancheng County and navigating the macroeconomic uncertainties during FY2026. We are pleased to report that our net profit in FY2026 was RMB 64.5 million, a significant increase of 50.9% year-onyear from RMB 42.7 million we achieved in FY2025.

We are delighted to continue our collaborations with the poultry farms in Liancheng County that raise chicken and white ducks, supplying larger quantities of our probiotic-infused fermented sweet potato agricultural waste as feedstock to their feed formulations under renewed contracts. We believe these partnerships not only reinforce our commitment to sustainable farming practices but also enhance the overall health and productivity of the livestock for consumers.

By extending the closed-loop circular economy of the sweet potato industrial value chain beyond Liancheng County, we anticipate that this ecosystem platform will progressively benefit more people. This initiative not only supports local economies but also establishes a foundation for sustainable agricultural practices that can be replicated in other regions.

STRENGTHENING CAPABILITIES, BROADENING REACH

China’s directives towards food security¹ encourages us to strengthen our position in the upstream and midstream segments of the sweet potato industrial value chain. We will continue to strengthen our capabilities to drive future growth through our three-pronged approach:

1. expand upstream cultivation and supply to improve the quantity and quality of fresh sweet potatoes, ensuring traceability and transparency for consumers and addressing food safety concerns;
   
   
2. building brands and expanding market presence to enrich the downstream distribution ecosystem, enabling the Group to reach and serve consumers across the food and beverage spectrum through strategic collaborations with established businesses; and
   
   
3. continuous investment in research and development to enhance efficiency, advance technology, and optimise processes, including innovations in cultivating high-quality sweet potato varieties and refining production techniques with the goal of improving the nutritional values of both fresh sweet potatoes and sweet potato processed products.
   
   

We believe that securing a reliable and sustainable supply of our key ingredient – premium-quality sweet potatoes – is of paramount importance. Although establishing new operations, particularly in seedling cultivation and agriculture beyond Liancheng County, will take time, we will continue to prioritise our upstream cultivation and supply. By maintaining control over our upstream cultivation and midstream processing and production, we enhance our traceability assurance, which in turn boosts our confidence to broaden our reach and provide fresh sweet potatoes and sweet potato processed products to consumers worldwide.

In April 2026, we participated in the Food & Hospitality Asia 2026 trade exhibition for the first time. This trade exhibition is an opportunity to showcase the efforts and accomplishments of Zixin Group in the upstream and midstream segments2 of the sweet potato ecosystem, reaching beyond our primary market in China and supported by newly developed downstream distribution channels in Singapore. This is also an essential platform for connecting with global buyers, distributors, and industry partners. We believe such interactions will not only enhance our visibility in international markets but also foster valuable relationships that can drive future growth.

In response to the increasing demand for food safety and security, we have formed partnerships with strategic business partners within the downstream ecosystem, particularly in our Singapore operations. Our primary focus is the food and beverage industry, which serves as the target audience for these collaborations, encompassing aspects of consumer engagement and distribution. These partnerships align with the expansion of our platform and will ultimately enhance our integrated sweet potato value chain. We are eager to collaborate with our strategic partners in the food and beverage sector to showcase the benefits of incorporating sweet potatoes into their menus.

ACKNOWLEDGEMENTS AND APPRECIATION

I would like to express my gratitude to my fellow directors for their invaluable guidance and contributions over the past year. I would also like to thank all members of Zixin Group for their dedication and efforts on behalf of the Board. Additionally, we extend our heartfelt appreciation to our business partners, customers, and shareholders of Zixin Group for their unwavering support and patience.

As we continue to pursue our planned expansions in China and internationally, we are keen to address the increasing concerns regarding food safety, food security, and feed security. We remain committed to positively impacting the lives of individuals through our sweet potato ecosystem platform, both upstream and downstream. Together with our partners, we believe that we can effectively navigate the challenges ahead and foster a future where quality and safety are paramount in the food industry.

Liang Chengwang
Executive Chairman & Chief Executive Officer