Profitability of the joint venture Koshin in 2023 and the first quarter of 2024

Koshiko is a joint venture established by the company and Germany's KrombergSchuburt, in which Keboda holds a 45% stake. With the gradual production and increase of Koshiko Anshan Company and Lai'an Company, Koshiko's revenue and net profit have both achieved steady growth. In 2023, Koshiko's operating income was 2.743 billion yuan and its net profit was 236 million yuan; in the first quarter of 2024, Koshiko's operating income was 638 million yuan and its net profit was 43 million yuan.