Yunnan Baiyao Group Co., Ltd. Evaluation Report on the Performance of the Accounting Firm for 2025
According to the "Company Law of the People's Republic of China," "Securities Law of the People's Republic of China," "Guidelines for the Governance of Listed Companies," "Self-Regulatory Guidelines No. 1 for Listed Companies on the Shenzhen Stock Exchange," and the Articles of Association of Yunnan Baiyao Group Co., Ltd. (hereinafter referred to as "the Company"), the Company hereby evaluates the performance of the accounting firm for the year 2025 as follows:
I. Basic Information of the Accounting Firm for the 2025 Annual Audit
(1) Basic Information of the Accounting Firm
Tianjian Certified Public Accountants (Special General Partnership) was established in December 1983 and is one of the first national large-scale accounting audit service institutions with A+H share enterprise audit qualifications founded by a group of senior certified public accountants. It has ranked among the top three domestic firms for several consecutive years and is among the top twenty globally. Tianjian has long been engaged in securities services and held licenses for securities and futures business before the implementation of the new Securities Law. It has H-share enterprise audit qualifications, is included in the audit institutions for central enterprises, and is registered with the Public Company Accounting Oversight Board (PCAOB) in the United States. As of the end of 2025, Tianjian has 250 partners, 2,363 certified public accountants, and 954 certified public accountants who have signed audit reports for securities services, making it one of the most comprehensive accounting firms in the country.
(2) Procedures for Appointing the Accounting Firm
According to the "Management Measures for the Selection of Accounting Firms by State-owned Enterprises and Listed Companies," it is stipulated that "state-owned enterprises shall not continuously appoint the same accounting firm for more than 8 years." Given that Zhongzheng Zhonghuan Certified Public Accountants (Special General Partnership) has reached the maximum tenure for providing audit services to the Company, the Company has changed its accounting firm to ensure the independence and objectivity of the audit work in accordance with relevant laws and regulations. Zhongzheng Zhonghuan Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report for the Company's financial report and internal control for the year 2024, fulfilling the responsibilities of auditors and internal control audit institutions. The Company has fully communicated with the previously appointed Zhongzheng Zhonghuan Certified Public Accountants (Special General Partnership) regarding the change, and the original accounting firm has expressed its willingness to continue cooperation and has no objections to the change.