FINANCIAL RESULTS Q3 2025 November 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such a ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system for listed companies, emphasizing high-quality development and effective implementation of policies [2][4]. Group 1: Sustainable Disclosure System - Over the past five years, there has been significant progress in sustainable disclosure among listed companies, with a focus on high-quality development [2]. - The CSRC has developed a structured and distinctive sustainable disclosure rule system, which includes mandatory guidelines for sustainable development reports [4][5]. - The first mandatory rules for sustainable disclosure were established by the CSRC in collaboration with stock exchanges, effective from April 2024 [4]. Group 2: Implementation and Impact - As of 2025, 1,869 listed companies disclosed their sustainable reports, representing approximately 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [7]. - High-quality disclosures have enhanced the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing improvements in their ESG ratings [7][8]. - The number of companies focusing on new energy and environmental protection has reached 516, with a market value of 9.43 trillion yuan, reflecting significant growth since the end of the 13th Five-Year Plan [9]. Group 3: Future Directions - The CSRC aims to guide companies in not only telling their sustainability stories but also in achieving tangible results, fostering a cycle of governance and development [8]. - The sustainable investment scale has grown significantly, with sustainable index products reaching approximately 125 billion yuan by October 2025, more than doubling since the end of 2020 [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system for listed companies, emphasizing high-quality development and effective implementation of policies [1][2]. Group 1: Sustainable Disclosure System - The CSRC has established a systematic and distinctive sustainable disclosure rule framework for listed companies, which aligns with international standards [2][3]. - In April 2024, the CSRC guided the Shanghai and Shenzhen Stock Exchanges to create mandatory guidelines for sustainable development reporting, marking the first comprehensive regulatory framework in China [2]. - The CSRC is enhancing the adaptability and operability of disclosure rules by addressing practical challenges and providing detailed guidance for companies [3]. Group 2: Quality and Coverage of Disclosure - In 2025, 1,869 listed companies published sustainable reports, representing approximately 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [4][5]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators [5]. - The disclosure of climate-related risks and opportunities has improved, with 62.1% of companies reporting on these aspects, and 65.9% disclosing greenhouse gas emissions, a significant increase from the previous year [5]. Group 3: Impact on Corporate Governance and Investment - High-quality disclosures have enhanced the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing an improvement in ESG ratings [5]. - The number of companies with leading ESG ratings (AAA, AA) rose from 7.2% at the end of 2024 to 14%, marking the largest increase in recent years [5]. - Companies are increasingly aligning with national strategies such as the "dual carbon" goals, with 516 companies in strategic emerging industries, achieving a market value of 9.43 trillion yuan, representing growth of 88% and 126% since the end of the 13th Five-Year Plan [6]. Group 4: Growth of Sustainable Investment - The scale of sustainable investment has significantly increased, with the combined size of the China Securities and National Securities sustainable indices reaching approximately 125 billion yuan by the end of October 2025, more than doubling since the end of 2020 [6]. - There is a growing interest from foreign institutional investors in sustainable investments, particularly in the Asia region, including China [6].

Core Insights - The conference aimed to enhance understanding and recognition of listed companies by domestic and foreign institutions, promoting corporate mission fulfillment and social responsibility [1][2] - There has been significant progress in the sustainable development practices of listed companies, with a clearer path towards high-quality development [2] Group 1: Conference Objectives and Participants - The conference was organized by the China Listed Companies Association and attended by over 500 representatives from listed companies and relevant professional institutions [1] - The event focused on sharing experiences from exemplary listed companies and expert discussions to foster value creation and enhance sustainable development capabilities [1] Group 2: Key Statements and Trends - Listed companies have shown resilience and vitality in a complex global market, with a stronger foundation for high-quality development and clearer sustainable development paths [2] - The China Securities Regulatory Commission noted substantial progress in sustainable disclosure practices among listed companies, leading to more determined steps towards sustainable development [2] - OECD highlighted trends such as expanding coverage of corporate sustainability disclosures, convergence of disclosure standards, and enhanced board supervision as essential for a resilient and sustainable future [2] Group 3: Research Reports and Best Practices - Four research reports were released during the conference, focusing on ESG development, industry analysis, value accounting, and ESG ratings for listed companies [3] - The conference also presented 210 best practice cases for sustainable development among listed companies for 2025 [3]

Core Points - The 12th Corporate Social Responsibility (CSR) Award Ceremony was held by the China-EU Chamber of Commerce in Nanjing, recognizing 16 leading companies for their outstanding CSR practices [1][2] - The event featured a keynote speech on "New Trends in China-EU ESG Rules" by Dr. Bu Maoliang, providing forward-looking industry insights [1] - The awards covered key areas of CSR and sustainability, including supply chain, decarbonization, and gender equality, promoting deeper communication and cooperation between Chinese and European enterprises [2] Award Highlights - Companies such as Deka, Bosch Home Appliances, DSV, and Arkema received the "Corporate Social Responsibility and Sustainable Development Leadership Award" [2] - The "Green Impact Pioneer Award" was awarded to Gaillard and BASF Shanghai Coatings [2] - Ericsson Nanjing, Airbus, and Schaeffler were recognized with the "Climate Action Leader Award" [2] - Ernst & Young and Dittop received the "Gender Equality and Empowerment Excellence Award" [2] - Siemens, Vitas, and BMW were honored with the "Employee Development and Engagement Award" [2] - Susphor won the "Sustainable Supply Chain Award" [2] - Netspring received the "Social Innovation Excellence Award" [2]

Core Insights - The quality of disclosure has significantly improved the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing an upgrade in their ESG ratings, and the number of companies rated AAA or AA rising from 7.2% at the end of last year to 14% [1][2] Group 1: Sustainable Disclosure Framework - The new "National Nine Articles" emphasizes the establishment of a sustainable information disclosure system for listed companies, leading to a systematic planning of rules and pathways for sustainable disclosure [2][3] - The China Securities Regulatory Commission (CSRC) has guided the Shanghai, Shenzhen, and Beijing stock exchanges to develop mandatory rules for sustainable development reporting, marking the first comprehensive regulations in this area [2][3] - A total of 1,869 listed companies disclosed their 2024 sustainability reports, covering approximately 70% of the market's total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [3][4] Group 2: Governance and Strategic Alignment - 67.3% of companies that disclosed sustainability reports have established governance structures, while 63.9% disclosed strategic information, and 44.0% set and disclosed quantitative sustainability-related goals [4] - The number of listed companies focusing on strategic emerging industries such as new energy and environmental protection has reached 516, with a market value of 9.43 trillion yuan, representing increases of 88% and 126% respectively since the end of the 13th Five-Year Plan [4] Group 3: Growth in Sustainable Investment - The scale of sustainable investment has been continuously growing, with the combined scale of the CSI and National Sustainable Index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [4] - Foreign institutional investors are increasingly investing in the sustainable sector, particularly in Asia, with China being a focal point [5]

Core Viewpoint - The enhancement of ESG ratings among listed companies in China reflects significant progress in sustainable development and high-quality growth, with a notable increase in the number of companies achieving top ESG ratings [1][4]. Group 1: ESG Ratings Improvement - 36.8% of MSCI China A-share index constituents have seen an improvement in their ESG ratings, with the proportion of companies rated AAA and AA rising from 7.2% at the end of last year to 14%, marking the largest increase in recent years [1][4]. - The number of companies with leading ESG ratings has grown from 2 at the end of the 13th Five-Year Plan to 54 [1][4]. Group 2: Sustainable Disclosure System - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system, aiming to enhance policy implementation and guide high-quality disclosures [2][6]. - A comprehensive and distinctive sustainable disclosure rule system has been established, with mandatory guidelines for listed companies to publish sustainability reports starting from April 12, 2024 [2][3]. Group 3: Quality of Disclosure - In 2024, 1,869 listed companies disclosed sustainability reports, representing about 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [4]. - 67.3% of companies that disclosed reports have established governance structures, while 63.9% have disclosed strategic information, and 44.0% have set and disclosed quantitative sustainability-related goals [4]. Group 4: Growth of Sustainable Investment - The scale of sustainable investment continues to grow, with the combined scale of the CSI and Guozheng sustainable index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [5]. - Foreign institutional investors are increasingly investing in sustainable sectors, particularly in Asia, with a focus on China [5].

Core Insights - The report highlights the insurance industry's commitment to social responsibility and its contributions to national strategies, economic security, and social welfare in 2024 [1][2][3][4][5] Group 1: Political Leadership and National Strategy - In 2024, the property insurance sector provided coverage amounting to 159.65 trillion yuan, with claims paid out totaling 33.192 billion yuan [1] - The cargo transportation insurance offered coverage of 85.69 trillion yuan, with claims of 16.729 billion yuan [1] - The industry invested over 430 billion yuan in rural revitalization, a 50% increase year-on-year [1] - Investment in strategic emerging industries reached 680 billion yuan, up 17% year-on-year [1] Group 2: Financial Services for the Public - Long-term health insurance saw 44.8935 million new policies in 2024, with a total coverage of 150.30 trillion yuan and claims of 118.777 billion yuan, a 3.07% increase [2] - Life insurance recorded 67.0342 million new policies, with coverage of 18.68 trillion yuan and claims of 844.901 billion yuan, a 53.83% increase [2] - The scale of enterprise annuities under management exceeded 2.5 trillion yuan, a 16% increase [2] Group 3: Disaster Prevention and Social Governance - New regulations for catastrophe insurance were introduced, doubling the basic insurance amount for natural disasters [3] - Catastrophe insurance provided coverage for 22.36 trillion yuan to 64.39 million households [3] - Liability insurance offered coverage of 705.31 trillion yuan, with claims of 74.955 billion yuan, a 12.34% increase [3] Group 4: Corporate Governance and Compliance - 50% of insurance companies established ESG management systems, and 90% published social responsibility reports [4] - Anti-corruption training sessions increased by 87% to 2,440 sessions [4] - Anti-money laundering training sessions grew by 33% to 19,000 sessions [4] Group 5: Innovation and International Cooperation - Agricultural insurance provided coverage of 5.22 trillion yuan to 150 million farmers, with claims of 123.743 billion yuan [4] - The insurance sector supported cross-border trade with risk coverage of 2.37 trillion USD, an 8% increase [4] - Foreign insurance institutions in China saw business growth of 18%, surpassing the national average of 14.5% [4] Group 6: Insurance Culture and Public Welfare - The median claim processing time for critical illness insurance was 3 days, with AI service interactions reaching 937 million [5] - Consumer education activities reached 5.84 billion people, a 70% increase [5] - The insurance industry contributed over 730 million yuan in public donations and 420 million yuan in consumer assistance [5]

Core Insights - The article highlights the "dual-speed" phenomenon in global ESG practices, where developed countries and developing countries exhibit significant differences in their pace, policy strength, and corporate responses to environmental actions, particularly in climate change [1][3][5] Group 1: Differences in ESG Practices - Developed countries have historically contributed more to carbon emissions during their industrialization, leading to a lighter burden in achieving carbon reduction goals compared to developing countries, which are still in critical economic development phases [1][3] - Developing countries face immense pressure to reduce emissions while striving for economic growth and poverty alleviation, resulting in a challenging balancing act [1][2] Group 2: Capacity and Resource Disparities - Developing countries are disproportionately affected by climate change impacts, such as extreme weather events, due to their weaker infrastructure and economic foundations, which limits their ability to respond effectively [2][3] - In contrast, developed countries possess advanced warning systems, robust infrastructure, and greater financial resources to tackle climate change, exacerbating global inequalities [2][3] Group 3: Funding and Technology Gaps - The research and application of green technologies are primarily concentrated in developed countries, which also have the financial strength for large-scale green investments, while developing countries struggle to access these technologies and necessary funding [2][3] - High costs associated with technology licensing and export restrictions from developed nations hinder the ability of developing countries to deploy advanced low-carbon technologies [2][3] Group 4: Recommendations for ESG Evaluation - To address the "dual-speed" dilemma, the article suggests redefining and quantifying "differentiation" in ESG evaluations based on historical emissions, economic development levels, and technological capabilities of different countries [3][4] - It recommends designing additional scoring criteria for industries with high historical emissions and providing extra points for companies involved in green technology development and transfer to developing nations [4][5] - The evaluation process should consider the impact of energy-saving and carbon reduction efforts on traditional industries, allowing time for green transitions and focusing on trends in carbon reduction and investments in green transformation [4][5]

Core Viewpoint - Questor Technology Inc. reported its financial and operational results for Q3 2025, highlighting challenges in revenue generation due to extended sales cycles and project delays, while also emphasizing growth in international equipment sales and ongoing strategic initiatives to reduce methane emissions [1][5][10]. Financial Performance - Revenue for Q3 2025 was CAD 683,085, a decrease from CAD 1,142,710 in Q3 2024. For the nine months ended September 30, 2025, revenue increased to CAD 6,065,425 from CAD 2,744,688 in the same period of 2024 [3][5]. - Gross profit for Q3 2025 was a loss of CAD 161,865, compared to a profit of CAD 383,574 in Q3 2024. For the nine months, gross profit was CAD 2,607,865, up from CAD 638,005 in the prior year [3][6]. - Adjusted EBITDA for Q3 2025 was negative CAD 983,245, worsening from negative CAD 256,475 in Q3 2024. However, for the nine months, it improved to positive CAD 363,782 from negative CAD 1,455,698 [3][7]. - The loss for the period in Q3 2025 was CAD 1,258,795, compared to CAD 589,599 in Q3 2024. For the nine months, the loss was CAD 545,469, an improvement from CAD 2,192,604 in the previous year [3]. Operational Highlights - The construction of a 1500kW waste heat to power prototype is nearing completion, with commissioning scheduled for Q1 2026 and field deployment expected in Q2 2026 [8]. - Questor secured a CAD 9 million contract to supply clean combustion solutions in Mexico, aimed at reducing flaring and methane emissions, although initial utilization has not met expectations [9][12]. - The company is focusing on expanding its international presence and increasing recurring rental revenue, with ongoing efforts in regions like Mexico, Iraq, Libya, and Nigeria [10][13]. Market Context - The demand for methane-reduction technologies is increasing due to tightening regulations and industry pressure for verifiable emissions reductions, particularly highlighted during COP30 [10][14]. - Questor's clean-combustion system achieves over 99.99% combustion efficiency, supporting clients in meeting emission regulations and improving air quality [11][18]. - The company is targeting new markets for its technologies, including landfill biogas and geothermal, while also enhancing data monitoring to align with global methane frameworks [19][20].