Hunan Gold Corporation
Pro Forma Consolidated Financial Statements Review Report
Tian Zhi Ye Zi [2026] No. 30316
Table of Contents
Review Report 1
Pro Forma Consolidated Financial Statements 3
Notes to Pro Forma Consolidated Financial Statements 6
Review Report
To the Shareholders of Hunan Gold Corporation:
We have reviewed the accompanying pro forma consolidated financial statements of Hunan Gold Corporation (hereinafter referred to as "Hunan Gold"), which were prepared in accordance with the basis of preparation described in Note III to the pro forma consolidated financial statements, including the pro forma consolidated balance sheets as of December 31, 2025, and March 31, 2026, the pro forma consolidated income statements for the year 2025 and the period from January to March 2026, and the notes to the pro forma consolidated financial statements. The preparation of the pro forma consolidated financial statements is the responsibility of the management of Hunan Gold. Our responsibility is to issue a review report on the pro forma consolidated financial statements based on our review work.
We conducted our review in accordance with the "Chinese Certified Public Accountant Review Standard No. 2101 — Review of Financial Statements." This standard requires us to plan and perform the review to obtain limited assurance as to whether the pro forma consolidated financial statements are free of material misstatement. A review is limited primarily to inquiries of relevant personnel of Hunan Gold and analytical procedures applied to financial data, and provides less assurance than an audit. We have not performed an audit, and accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the pro forma consolidated financial statements have not been prepared, in all material respects, in accordance with the Accounting Standards for Business Enterprises and the basis of preparation described in Note III to the pro forma consolidated financial statements.
We draw the attention of the users of the financial statements to the description of the basis of preparation in Note III to the pro forma consolidated financial statements. This report is intended solely for the purpose of the major asset restructuring described in Note II to the pro forma consolidated financial statements and is not suitable for any other purpose. This paragraph does not affect the review opinion already expressed.
[Chart: Review Report Signatures]
Pro Forma Consolidated Balance Sheet
Unit: Yuan
| Item | March 31, 2026 | December 31, 2025 | Note |
|---|---|---|---|
| Current assets: | |||
| Monetary funds | 2,186,618,289.86 | 2,032,237,222.37 | VI(1) |
| Derivative financial assets | 1,746,960.00 | 5,840,220.00 | VI(2) |
| Accounts receivable | 215,851,362.28 | 61,866,471.54 | VI(3) |
| Receivables financing | 368,241,154.06 | 406,684,334.45 | VI(4) |
| Prepayments | 223,245,599.51 | 78,436,221.46 | VI(5) |
| Other receivables | 323,279,396.30 | 234,693,971.40 | VI(6) |
| Inventories | 2,154,483,691.62 | 1,712,805,413.26 | VI(7) |
| Non-current assets due within one year | |||
| Other current assets | 53,184,030.74 | 92,008,988.59 | VI(8) |
| Total current assets | 5,526,650,484.37 | 4,624,572,843.07 | |
| Non-current assets: | |||
| Long-term receivables | 6,211,246.27 | 6,211,246.27 | VI(9) |
| Other equity instrument investments | 500,000.00 | 500,000.00 | VI(10) |
| Investment properties | 6,463,682.19 | 6,711,807.84 | VI(11) |
| Fixed assets | 3,909,467,974.01 | 3,985,871,933.12 | VI(12) |
| Construction in progress | 144,855,565.44 | 61,909,537.61 | VI(13) |
| Right-of-use assets | 3,201,364.54 | 3,708,831.45 | VI(14) |
| Intangible assets | 1,504,165,761.63 | 1,492,337,946.20 | VI(15) |
| Goodwill | 27,437,443.26 | 27,437,443.26 | VI(16) |
| Long-term deferred expenses | 1,320,741,976.47 | 1,293,906,399.64 | VI(17) |
| Deferred income tax assets | 221,288,449.53 | 243,147,145.49 | VI(18) |
| Other non-current assets | 20,142,504.03 | 19,622,134.74 | VI(19) |
| Total non-current assets | 7,164,475,967.37 | 7,141,364,425.62 | |
| Total assets | 12,691,126,451.74 | 11,765,937,268.69 |