Investor Presentaiton

Declining and aging population 160000 2023-2100年中国总人口预测(万人) China Total Population (10K) Year H M 80000 2030 138675 137399 L 136055 60000 2050 128787 123034 117239 40000 2070 108216 97605 87845 2100 80311 62524 47940 20000 资料来源:育娲人口 0 2023 2028 2033 2038 2043 2048 2053 ——高预测 2058 2063 2068 2073 2078 2083 2088 2093 2098 中预测——低預測 • China's population started declining from 2022 Working age population decrease -0.75%; population under 16 years old decreases -2.6%, while above 60 years old population increases +4.7% Key Implication: - - - The annual average decline of 1.73% in China's working- age population sets the scene for much lower economic growth As the young population declines, domestic demand for consumption may weaken. More resources to provision of health, medical and aged- care services to meet the demands of an increasingly elderly population. The impact of China's demographic change will not be limited to its own geographic boundaries. 140000 120000 100000 60.00% 50.00% 20.00% 10.00% 15 November 14, 2023 O Valmet | Investor site visit to Jiading, Shanghai Yuwa reserch 低预测下中国65岁以上老年人口占比预测(%) 70.00% 40.00% 卡& 有娲人口研究 30.00% 0.00% 2023 2028 2033 2038 2043. 2048 2053 2058 2063 2068 2073 2078 2083 2088 2093 2098 ——老年人口比例(%) 育娲人口研究 YuWa Population Research Valmet

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