In order to actively participate in the extended producer responsibility system practice of green recycling efforts and seize the development opportunities of the national "Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods", on March 14, 2024, GEM's holding company subsidiary Jiangxi Green Recycling Co., Ltd. (hereinafter referred to as "GER") and global technology company Midea Group Co., Ltd. (hereinafter referred to as "Midea Group") signed the "Green Recycling Project Cooperation Agreement for Midea China Regional User Service". Both parties reached cooperation on issues related to the recycling of wasted home appliances, and will utilize their respective network services and reverse recycling to jointly promote the development of an environmentally friendly recycling business model for electronic waste.

Recently, a series of national policies such as "improving the recycling system of household appliances and waste furniture" and "promoting large-scale equipment renewal and trade-in of consumer goods" have often been launched, which will generate a trillion-dollar market and show good prospects for the recycling industry. As a leading company in the field of recycling, GER not only has a domestically superior industrial base and recycling system, but also has world-leading technological advantages in environmentally friendly e-waste dismantling and recycling, and has built a world-leading environmentally friendly e-waste recycling industry chain, including "waste products - recovery and dismantling - resources - modification and remanufacturing - new products". The cooperation between GER and Midea Group in green recycling of environmentally friendly equipment is a positive initiative to capture new historical opportunities in the country such as "promoting large-scale equipment renewal and trade-in of consumer goods", actively connect with the business of "a new round of large-scale equipment renewal and trade-in of consumer goods" in China, while deeply participating in and promoting the renewal of a new round of industrial equipment and industrial revolution in the country.

The Midea Group recycles wasted home appliances through trade-in channels, after-sales outlets, and an integrated system of "delivering new and retrieving old". GER utilizes the reverse recycling network to carry out resource recycling and traceable management for the Midea Group's wasted home appliances from recycling at the point of sale to end-of-life disassembly at the factory. At the same time, the modification and granulation of waste plastics will form a cycle mode of "waste products - recycling and disassembly - resources - modification and recycling - new products", realizing a closed-circuit environmentally friendly business model for traceable electrical and electronic products, and conducive to the synergistic development of economic and environmental benefits, it will improve the company's standing and competitiveness in the field of recycling of wasted home appliances.

GER receives and processes wasted home appliances recycled by Midea Group

Previously, GER and Midea Group have established strategic cooperation. This time, the two parties signed the "Green Recycling Project Cooperation Agreement for Midea China Regional User Service", which is a deepening and upgrading of the previous strategic cooperation.

In the future, GEM will actively utilize the huge recycling network, world-leading green recycling technology and urban mining system to seize the historical opportunity of "promoting a new round of large-scale equipment renewal and trade-in of consumer goods", work hard and proactively to participate in and promote the national "trade-in" strategy, and contribute to the strong growth of the national economy as a leading enterprise.