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    2023113000022

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    2023113000022

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    2023113000022

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    eee ee eal Ce ae Pee Pe CE ee ee oe ee ONC eke en a dA 09 youedg reysueus “34 OTN eee] 2 TE] 3 Ey Tero} PNRM Sh 77] Ee) atelolsP Pm l=) AEE), Wee Venom Kel) Aen t=) AEE) MR fo) HOUVaSTY LAWYVIA| LNSGNAdSGN] Content 25%: @ehine’s vesetabre and Potted Vegetable Produce Market @ ive cen FROST & SULLIVAN Macroeconomic Overview China’s Nominal GDP Growth Tilion RMB. 200 AGRA 8% 1210 149 96.7 1014 oy 1007 932 O19 150 2017 2018-2019 2020-—«20Rt_—«2022—«2ONBE «DOE —2OSE —20ZSE —202TE + According fo the National Bureau of Statice of China. the Chinese economy grew at a CAGR of 7.8% thm 2017 o 2022. Going fomvard. the Chinese auhortie are Wey to mainian the conssleney ane sablty of macroeconomic pices to as lo malriaih Iacroeconome stably In the meantime. sfucural adjustment ofthe economy ie pescted to be svongly pushed fonvard by he Chinese auontes to improve me qually and efelency of econome development The Chineto eeenomy is lkely lo orale Kam ah invesimentiven medel ta consumoton-iven mode! mth the share of nal concumpton 9 GDP pichng vo, Under te tend he Chinese economy is they to mainian 8 sound and heathy cevecomers Accorsing to te Ilematonal Menelary Fund (IM), the {Chinese economy is ovecasted io heap grog a 8 CAGR Ot 5 om 2032 2027 + Looking foraard, ine nomial GOP is expected to Keep gyoning and reach RMIGH. tion in 2027 al a CAGR of 5% wih @ FROST & SULLIVAN Macroeconomic Overview China's Per Capita Nominal GDP Growth ‘Thousand RMB 120 100 40 20 20172018 «2019 -—«-2020«=«2021 «2022 «2023 ©—«202KE ©—«2025E ©—«2026E © 2027E +s tolal population of China hes remained and is expected to remain stable inthe future, the growth of per capita GDP is in tine withthe growing Chinese economy. Per capita nominal GOP in China has kept growing at a fast pace over the past and is expected to maintain the sold growth. For 2022, the per capita nominal GDP in China has reached RMBES.7 thousand. + Inthe future, with the sound growth of the Chinese macro economy, the per capita nominal GOP in China Is aso likely to maintain steady growth. According to the International Monetary Fund (IMF), the per capta nominal GOP in China is predicted to reach RMB114.9 thousand in 2027, growing at a CAGR of 6.0% from 2022. FROST & SULLIVAN Macroeconomic Overview China’s Population and Urbanisation eo pasa cay -* Uroanizaton Rate HB Rural Pepuaton Hl urbanPoputton Lubariaton (4) 1.¢00 100 1.800 ‘ama 1400.) tae 14126 1418 sae 4108 14082 toro sao | 1.200 ” n 00 o 600 I 00 ” ° » air ete «aN ~CaaedS~=«RN ~~~ CECE CORRECT + chr ns he ws gest ptt. 2022, C's ll papa eat 141 Baten Wehbe PRC Goverment est 0 vemedess ‘Sar cttn be snare oplton te pepsion rth thas ban sate eo tw pt ho ar, Hewar ih reel ha to Sha etd pty me onan ve ested Gon a Posen sey VOT + Bite the id econ devel of Cha anh nxt migrants fom na aan dovepd fn, he Chinas urban opto at bn ‘Sey nce. Chna ap earn gona has ease tnpectie’ warzone te pepuaon se ie 160s Fen 201 w 222, ho’ wn goplton raced fom £15. mont E207 malay nh 8 CAG of 2 Cuan he ss pod he tana ate Chins ‘steaed by 8 tom 585% 085.20 + Wrnthe congue gow of tarzan, te ban popu epee 0 mata» CAG ot 1 9 am 20222027. Fra & Suan roca thtey 27 Chino ton pons cpus ranch 10118 man: Ure hana Plan Promtng Featy Ubeeabon( ch 3 at IMLGhaseTetlPsaed nD newest onnasbon gets renee ha bora cordan an esata Sesion Recor Fos Sue ecn nus ubarzaton me ae neyo hon Eb MA seca 2.98 27. 5 FROST & SULLIVAN Macroeconomic Overview China’s Per Capita Disposable Income of Urban Households sable Income of Urban Hous is Per Capita Disposable Income ‘of Urban Householde ‘(Thousand RMB) 2017-2018 ©2019-2020 2021022 +—20RSE —2024E 2025 —2028E —~2027E + Together with the continuous growth in economy and urbanication, the average income level of Chinese urban households has also increased continuouely in recent years. The per capita annul disposable income of uiben households has increased to RMB49S thousand in 2022 from RMB36.4 thousand in 2017, representing a CAGR of 63%. + The growth of Chinese per capits annual disposable income has demonstrated posiive effect on Chinese residents purchasing power. Frost & Sullvan estates that by 2027, the per capita annual disposable income of urban households s forecast o increase to RMB6S.0 thousand with a CAGR of 6 0% from 2022, 6 FROST & SULLIVAN Macroeconomic Overview Per Capita Consumption of Food of Urban Households io i ec eae «one ws ~ bro bre «bro Baa Sha 02 Moot 19% osm eannGe — a ae is a a TE aE AREREREE 20162017 2018-2010 —-20a0 at aaa —aOeE ane aneSE DORE + wih ncesina income level of urban nouseads. the feed consumption stuEke has wograed rom ZO16 te 2021. Chinas resins have furchased mere mea anf wie reduc te consnpao a gains sna vagal, Hstcanyhawng & gh poporion of wages Eensungton, China's urten hovasholfs row have Tocused onthe quay of vegetables rahe thn ist quatly, Pe Capt vepetabe ensurpten cf uta noushais has dereared em TOT agin ZEWEIo 111.4 gn aOR ropesentng « CAGE ct Ds ‘ue trang anareness of personal walness ant case acrate ean vegeates nated, hoof expec ce an nereasing domed for vegetables in Urban Nousehatls diel espacaly for teen ang hghsy vegeeates Par capa vegeabscensumpten a utean Fewseros is recast reach 1184 n 2028 7 FROST & SULLIVAN Macroeconomic Overview China’s Consumer Price Index of Food Food Pe index Food Price Index, (China), January 2013- Decemb (Gecembor 2012-100) Food Price Ie vegtate “Mest 240 220 20 00 “The FP hos been groin reisively sea rm 2019 02628. Taking December 2012 asthe bese month are assure as 10, Wines | fron 102.8 in lancary 2073 0 125% Decembe 2021. From January 2016 to December 2021 he FP in chine has wcreased by 20.7%, | ‘Wn ater economic development crease In Saposobie nome a! sen te FPIs they io showoseay growth te ching yar. | + Siar othe FP, mest pice index hae been showing on upward vend eam 2013 to Dacembar 202. Leong forward, such pie ex | treo tel to roman sabe or ae because of tering make demand, eveaseinnetincome, Psion and oer cos, + Tho pce index es vegeabes has been fucttingSustataty rng the pared om 2019 to Deceit 202 Vu, the pies of Tesh vpetaos are atc’ by to factors such as seasonally, weather coetons,gobal ¥ade, nal dastr, costo Veriles an ‘neat domand an supply. Yoke sensorliy se en exampla, de to thoage of soppy, te pce of vegetables ae normaly higher “rn Inthe folowing yar, the gree indo of ageatee eal show an upward 8 FROST @& SULLIVAN Macroeconomic Overview Economic Overview of Shandong Province iene MPa Caper GOP, eauesssa eseeae ig nin 02. Ag ih jon he msc ero, Ce FROST & SULLIVAN Macroeconomic Overview Per Capita Consumption of Food of Urban Households in Shandong Province taal ose2021 anon z026e wre 400 ee a 1076 ary 4208 4203 4283 AT AST 400) ae nee es 493 «fO4 OF feo 0A eat om ~ Bee eeaeeae. er 7 = ae : 201620172018 — 2010 ~—-020~—~021—AORAE—AORIE OME ORSE ORE * Along wih sing income lvl ae he devecprent of vegatble instr Standong rovnse, wgeable and ult has ployed an nesta le In tests fod cansumaton stuctre. Per capita wget censumpon of urban hove in Shandong province hae nea fom {06 Wain 2016 wo 108.5 202%, epreseting a CAGR of. ‘Win sing concem about ood saey ara qualiy Ine expected ose an inten demand for vepetales, especialy Hes vogtables lan Rouseolé «it Pe apt egeabi consurpton of urban haueaotie in Sharon pow expat each "168 4g 2O2E wih neaGrer r FROST & SULLIVAN Macroeconomic Overview Economic Overview of Qingdao rr Pee moka gata Sweater mE RraPniin Bl Uban Peper ae natn to) ene os “gees ory re reer FROST & SULLIVAN Macroeconomic Overview Economic Overview of Xi’an Poo aan) aten UE Percptenenin cc 2% CH Twn Pe eoee a ee rater seg ae fm tom lence 2 FROST @ SULLIVAN Macroeconomic Overview Per Capita Consumption of Food of Urban Households in Shaanxi Province m2 i 2B a a cele RA >i sw coos eons aga iG 7 “Be a '-- : ; aee 2017 ane 2019 —~2020, + Vegetable and uth played # more nd more ingot len resident's tn Shaan proves. Par capa vopea ‘ouachols n Sana provios hae reeaee rm 030 hg 2016 to .1 hyn 2021. ropresantng a CAGR a + Ritecing concorn abou fod salty ané qty, there expec lose an netingderand fr vepeboles, especialy fen vegetables in titan howsnokts det Per capa vegetate consumption of rae hoveaels Strapon s expected to reac 100 2020 wih 3 GaGR are coreumpon of un ‘tall bes dw last (Sta ioe at pg ‘SauesNsteret Ben of Sutera Chin Frost Shen 13 FROST & SULLIVAN Content @)eerecconomic Overview 6 Eee Det ecA Crear FROST & SULLIVAN China's Vegetable Market Overview (1/2) nee wget pote FROST & SULLIVAN China’s Vegetable Market Overview (2/2) + Hyeponie eulivaen secouns for sound 13% of he tla vegetable produce in China. fn 2021, he production | ‘Store of rope abo wound 10min omen nC “Thecharaces fare yp vale protic and he lfeenees among hen es lows " ferousln rend seqeats cuteaionk nouns’ €feucan nes er yoo Cush end. egy Fie veges rode’ vee hard cone Fate nl at mae lotr ara pestoces moet Ino te jesion an appamance he vepeae posure Such Unoge of agree She ot Roscoe ed gay n's om tom Hence. enn of grand sepeaae fod Bs Nh her depo ation he eal pee of yiopuleoshaton cher an nuns vgable duce The ‘sorae yd per mu of hyena caton foud 3.5 Hoven lamar per Year Hyena Cad ‘Style poder ao goerly ches in eases te the peaseton Te rv sable. Howes. ‘on dt mr raat cn ath ay vlan me ae + fogt evan th aa non pot at ee aly igh conga whch methods The arene ‘eporma's aun’ 02 ean ones pr yea Tho guny eet egal pede BM | ‘Cove ove cold cope Hesnane aes aw poe. 16 FROST @& SULLIVAN China’s Vegetable Market Value Chain Vegetable Market: tutry Value Chain Suppiis + sae am aerial fox producing vegtble nudes erableand, sed rie, peste greeaheuse. faming tok walr end oon. +h China, individu vogeate fame generally tod use Mgt of sabe and, For vegstata procucton companies, bon ruta! vegetable teers an pour nd ccuny evel powenments colo be sate nd spl fo vegabe presuclon conan Ma ean + For vegetable producton compares, stint sup f arable lr i portant ote business, a8 arable ln oa cera degre eats he ‘Companys preucton capaoly Large-scale vegetable prosutn comane, which cold leverage more capt than thot emis poor he acalvegoale farmer, ae sual abet reeeve more sabe land ans hence easier teach economies scl. They 350 ‘apy. Ae reserved arabe large Sages stands fora company's procucsoncapacty. large-scale compares ae gneraty int Stenger postion n hewn economes of sear sunporing he companys re th, + Apart rom arabe rd, F Chin hore ae prfesiosl supers engaged spcticaly in each of he above soto. Seed, eiser pest, freetouse faming toe ae a perro vepelabe producer. Reepondig tthe inteaing demand of haat ae dered vogeie cnsumplon such tt outo-seazon weplatie an eg vepelabl, the secpon rte of gronhouse fas been cimoing wre he Wears ‘eget prosucton FROST & SULLIVAN China’s Vegetable Market Value Chain + Vagetale reduces in China are consted of vette prosucon companies and nual vegelale lamers. Conpare sith indivi armors. vogeabl procucton companies general sre more brawlesgeale né sort! interme ofr mater) sourcing. Wn belt seslreatusness san ey execs prosicion according othe mare demand. eo accraies ol sal ele proton maragomen. Secs egeie var he eos adn some cars wehanounteoe vega pein companies vay gee Maer + Compare wi vegetable production compares ndbdust vegetable farmers could choose Yo Wase tor arbi ond te the companies, or ulate an by tie Own hey choose ta esse he lana they may ls ba erpeye byte somparis hay aed oa Yovewe both Inert a te wage Foe each mda vanes farmer due toe nastion of capi aval, # wait of they fo eee ecomes Df scale. Without clear exscuten son sutelen market fomaen, up--cate apreutue experse, and economies of sexe. val \egetaie farmers most cases generate lower product and ae highly subj! tusss fake sich a unpredetable weaer cnn nd chenging marke! demand. Atcugh the popuaton onal farmers ene stil lrge In 20¥6,wegeable pogucion compan’ were ‘uckly deveerng terms bob cure a oe, tor rarest. rsh vopetable reaches domests consumers thcuh tno pes of ehanrls. One chanol is trough fresh vegetable ohare and the oe fresh eget processor Fresh vegetbe wiclsae the mos! ngetan!channal fr darting fresh vegetable In Chia. As mcs! vegetable pedcton bases oro located rural area, whi are stant away fem urban areas. unoesakers are erst n conduieg storage one logis ot eth vege General. wholes stil esh vegetables Hes vegeuterelaer such a supermares font sates, tars in open mates. 2 fo on Lingseaie eaters auch a lrg supermarkets may soueeesh vagtabe rely tem vegelable pomicers Fresh wegelble processors may slo sures resh vegeate Yom whatesales "Fresh vegetable processors rls fo organizations hat se tes vegetable a aw male in thr tuna, such a esauarts, enwerent Sores holes seroab, et st of tem are ge sca Intute ayers wo purchase an races lrpe uany of kesh weet On daiytase. most cases. they make fem vege mio meals and deve fo consumes, Vegetable. deen processor eso corsaries that podce vaatble ace, vga vegetal essen raw ial 0 tese compares. aveurg, vegetable rourhment. and soon. Fash 16 FROST & SULLIVAN China's Vegetable Market Sown Area Ree ceed 20000 wai ane | =o 2 n2a00 | zo.aas 209630 20.9660 21.4846 21,8179 223 vom (198891 T9961 1204830 20690208860 15.000 10.000 000 201 2017 2018 2019202002 —«20A2E_—aORIE eIAAE DORE 2020 “Total Sown Azea (Thousand Hectare) + The total sown srea of vegetables increased from approximately 19,564.1 thousand hectares in 2016 to 21.484.6 thousand hectares in 2021. + Going forward, the total sown area of vogotables is tkely 1o keep growing inne with the increasing demand, which is mainly driven by the growing population and macroeconomy. The total sown area of vegelables is likey 10 grow to 23.963.8 thousand hectares in 2026, + In2021, the greenhouse area of vegetables in China was 1,821.3 thousand hectares, a FROST & SULLIVAN China’s Vegetable Market Production i a cl zis 2017 2018019 z020—-2021—-ORIE OSE —DOLAE OTE ZOR6E + The vegetable market In China experienced a moderate growth during the past years. The foal production of vegetables in. China increased from 674.3 milion tonnes in 2016 to 742.7 milion tonnes in 2021 + Inte withthe growing economy and also the favorable policies, the production of vegetables i Ika to keep growing at ‘a CAGR of approximately 2.2%, reaching 827.0 millon tonnes in 2028, 2 FROST @ SULLIVAN China’s Vegetable Market Production of Pollution-free Vegetables Z Gone 10 weet 2020 GAGR 59% 56% 1168 20 Total Production (Niion Tanne 2018 2017 018 20192020201 2022 —2OLIE ORME POSE 2ORBE + The production of polluon-free vegetables grew from 70.2 millon tonnes in 2016 to 93.6 millon tonnes in 2024, representing a CAGR of approximately 6.9%. In 2021, the total production of pollutionree vegetables accounted for approximately 12.6% ofthe total praductan of vegetables in China, + Going forward, the production of pollution-free vegetables is likely to grow at a CAGR of approximately 5.8%, reaching 123.8 milion tonnes in 2026, 2 FROST @ SULLIVAN China’s Vegetable Market Sales Volume 3 Se sg ena io = veoeae oo In-ground 5 Gutvaton 8.4% a Veoeabe ee ‘Hydroponic | g Cultivation 1.5% a 4 be veocave + The lta sales volume of vegetables grew fam 673 8 millon tones in 2017 fo 740 4 milion tones in 2022. representing @ CAGR of approximately 1.9% between 2017 and 2022. The market has experienced relatively moderate growth which is general in line ‘withthe population growth in China. Toal sales volume is expected to increase steadly 10 8186 milion tonnes in 2027 with @ CCAGR of approxmately 20% fom 2022 to 2027, Meanwhile, Shandong i the lrgest vegetable producing province in China in 2022, + In 2022, the sales volume of potted vegetable produce accounted for approximately 0.02% of total sales vlume of vegetable in China. Potted vegetable produce can be seen a8 a replaceable product for wadiional vegetable and has great market growth potential the production due to the lower wastage rato 2 FROST & SULLIVAN China's Vegetable Market Sales Volume Breakdown Seas eee Ca eed wae Me ZT houaln fa - own ? oo Ho tay og Tao 70 3 ss 7050 100 a fw] 5 | 2 t Lo g mo) 21 2017 ote 21s 20202021 2Oz2E AORIE AO24E DOLE 2020 * Wholesale is the major sales channel in the vegetable market in China due to the huge catering service industy. In 2021, {otal sales volume of vegetables through wholesale channel witnessed a total volume of 521.0 milion lonnes, accounting for approximately 71.5% of the total sales volume. + Retail sales increased at a stable growth rate and is Ikely to keep the stable tend, reaching 219.3 milion tonnes in 2026 * Online channel is sti under developed in the vegetable market. However, along withthe fast developing online platforms, the channels ikely to grow rapialy n the future FROST & SULLIVAN China’s Vegetable Market China’s Vegetable Price ‘Average Wholesale Price of Vegetables, China and Shandong, 2017-2027E perks an sn ” = — Shandong 7 aan sa 8 ° 5 i a 2 1 4 how aoe sao ~C«DSCTSCSSCESCSCESSCESSCOESSCTE 7 The average wholesale price of vogelabes isthe average wholesale price of 28 types of vegetables In China and in Shandong | province. The average wholesole price of vegetables in China has incteesed fram RMBS3_7 per KG in 2017 to RMB. par KG i | 2022, we the average wholesale price of vegetables in Shandong province has Increased from RMB3.1 per KG in 2017 to | FRNG43 per KG in 2022, The average wholesale price of vogeiabes fo afeced by a foto factors such as seasonally, weather | Condlions, global rade, nara disasters, cost of frsers and domestic demand and supply. 1 + Inthe forecast period, the average wholesale pre of vegetables in China and in Shandong province is estinsted to keep ‘onng wth 9 CAGR of approximately 8 2% and 5.4% rom 2022 to 2027 FROST & SULLIVAN Shandong Province’s Vegetable Market Sown Area ere F 2000 ae BE i CHER 00% 00 F igoq {14S 14020 14627 1AGTO 1ASE9 1400.6 14505 14502 14580 14558 14856 : ce) 3 zi 217201829 7020—«2021~—20AE—

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