Growth-Oriented Financial Report Tracking (Learning Edition), October 29, 2026

(2) Growth Drivers 1. In response to rapid raw material price increases and sustained high growth in demand for premium products, the company timely and fully ramped up its expanded production capacity to meet market demand. Simultaneously, it actively adjusted and optimized its product sales mix, thereby driving higher sales volumes of copper-clad laminates (CCL), along with increased revenue and gross profit from CCL products. 2. Its subsidiary, Shengyi Electronics Co., Ltd., benefited from the strong momentum in the AI computing power sector. Adhering closely to its strategic positioning, the subsidiary steadily advanced capacity ramp-up, deepened technological upgrades, and strengthened quality control—resulting in a steady rise in the proportion of high-value-added products and further consolidation of its competitive advantage in the market. (3) Commentary Quarter-on-quarter, profitability remains at a high level, with gross margin further rising to 35.36%, indicating continued improvement in the share of high-value products in total revenue. The company maintains robust cash flow and excellent earnings quality. Volume and price growth, combined with product mix optimization and economies of scale, demonstrate how proven operational strategies can deliver outstanding results when aligned with favorable industry conditions. Looking ahead, key watchpoints include further price increases for CCL, continued optimization of product structure, and the ramp-up of high-end products from Shengyi Electronics. Ongoing tracking is warranted. 5. Foxconn Industrial Internet (FII) – Server Contract Manufacturing The company provides contract manufacturing services for AI servers, general-purpose servers, network switches, and other equipment, and is the global leader in consumer electronics contract manufacturing. (1) Financial Performance Cumulative data (from beginning of year to reporting period): Revenue: RMB 941.4 billion, up 55.88% year-on-year; Net profit attributable to shareholders: RMB 40.37 billion, up 79.55% year-on-year; Non-GAAP net profit: RMB 39.45 billion, up 82.15% year-on-year. Quarterly data (Q3): Q3 revenue: RMB 383.6 billion, up 57.73% year-on-year and 25.02% quarter-on-quarter; Non-GAAP net profit: RMB 16.46 billion, up 64.82% year-on-year and 29.29% quarter-on-quarter. (2) Growth Drivers 1. In the cloud computing business, the company continues optimizing its product mix, achieving substantial year-on-year improvements in operating efficiency. In the first half of 2026, revenue from AI servers supplied to cloud service providers surged over 230% year-on-year, making AI-related products the core engine of the company’s main business growth. Its market share among major clients has steadily increased, and joint R&D efforts with top-tier customers on next-generation products are progressing smoothly, with mass production expected to commence in the second half of the year. 2. In communications and mobile networking equipment, the company is capitalizing on AI computing opportunities by leveraging its cutting-edge technology reserves and supply chain advantages to advance its strategic layout. As high-speed interconnectivity in data centers becomes a critical infrastructure enabling efficient release of computing power, the company’s shipments of data center switches rated at 800G and above grew 1.4-fold year-on-year. (3) Commentary FII is an enormous-scale contract manufacturer serving premium clients such as NVIDIA and Apple. Its gross margin is extremely low—just over 7%, reflecting an inherently challenging business model. Yet FII manages to generate hundreds of billions of RMB in annual profits purely through sheer scale. Its core competitive advantages include world-class scale, delivery speed far surpassing peers, exceptional operational turnover capability, and the prohibitively high switching costs faced by its clients. Additionally, FII’s total dividend payouts significantly exceed its financing activities, and in September it initiated a share buyback program—demonstrating commendable management commitment. On October 29, 2026, the Shanghai Securities News reported that FII’s new generation of AI server racks have entered commercial shipment, with overall market share continuing to expand versus the previous generation—indicating high visibility for future profitability. Given clients’ near-absence of viable alternatives, the outlook is highly certain.

Blue Low-Carbon Ammonia Industry: Current Status, Trends, Outlook, and Strategic Recommendations Report, 2026

3.8.1 Ma’aden: Basic Information, Blue Low-Carbon Ammonia Production Base, Headquarters, Competitors, and Market Position 3.8.2 Ma’aden: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.8.3 Ma’aden: Blue Low-Carbon Ammonia Sales Volume, Revenue, Pricing, and Gross Margin in the Chinese Market (2021–2026) 3.8.4 Ma’aden: Company Profile and Core Business Activities 3.8.5 Ma’aden: Latest Corporate Developments 3.9 PAO NOVATEK 3.9.1 PAO NOVATEK: Basic Information, Blue Low-Carbon Ammonia Production Base, Headquarters, Competitors, and Market Position 3.9.2 PAO NOVATEK: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.9.3 PAO NOVATEK: Blue Low-Carbon Ammonia Sales Volume, Revenue, Pricing, and Gross Margin in the Chinese Market (2021–2026) 3.9.4 PAO NOVATEK: Company Profile and Core Business Activities 3.9.5 PAO NOVATEK: Latest Corporate Developments 3.10 ADNOC Group 3.10.1 ADNOC Group: Basic Information, Blue Low-Carbon Ammonia Production Base, Headquarters, Competitors, and Market Position 3.10.2 ADNOC Group: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.10.3 ADNOC Group: Blue Low-Carbon Ammonia Sales Volume, Revenue, Pricing, and Gross Margin in the Chinese Market (2021–2026) 3.10.4 ADNOC Group: Company Profile and Core Business Activities 3.10.5 ADNOC Group: Latest Corporate Developments 3.11 LSB Industries 3.11.1 LSB Industries: Basic Information, Blue Low-Carbon Ammonia Production Base, Headquarters, Competitors, and Market Position 3.11.2 LSB Industries: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.11.3 LSB Industries: Blue Low-Carbon Ammonia Sales Volume, Revenue, Pricing, and Gross Margin in the Chinese Market (2021–2026) 3.11.4 LSB Industries: Company Profile and Core Business Activities 3.11.5 LSB Industries: Latest Corporate Developments 3.12 Equinor 3.12.1 Equinor: Basic Information, Blue Low-Carbon Ammonia Production Base, Headquarters, Competitors, and Market Position 3.12.2 Equinor: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.12.3 Equinor: Blue Low-Carbon Ammonia Sales Volume, Revenue, Pricing, and Gross Margin in the Chinese Market (2021–2026) 3.12.4 Equinor: Company Profile and Core Business Activities 3.12.5 Equinor: Latest Corporate Developments 3.13 Uniper 3.13.1 Uniper: Basic Information, Blue Low-Carbon Ammonia Production Base, Headquarters, Competitors, and Market Position 3.13.2 Uniper: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications

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LSB Industries reported a 55% increase in adjusted EBITDA for Q3 2026, driven by strong industrial and agricultural demand. The company has taken full ownership of the El Dorado carbon capture project and plans ammonia capacity expansion by 2029.

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