002379SZSE

Huatai United Securities' Audit Opinion on the Impairment Test of Assets for the Acquisition of Shandong Hongqiao Aluminum Holdings Co., Ltd. by Issuing Shares and Connected Transactions

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Huatai United Securities, as the independent financial advisor, audited the impairment test of assets for Shandong Hongqiao Aluminum Holdings' acquisition. The test covered 75 parcels of land valued at RMB 7.47 billion. The impairment test as of December 31, 2025, indicated no impairment, thus no compensation is due from Shandong Weiqiao Aluminum Power Co., Ltd.

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Huatai United Securities Co., Ltd. Audit Opinion on the Impairment Test of Assets for the Acquisition of Shandong Hongqiao Aluminum Holdings Co., Ltd. by Issuing Shares and Connected Transactions

Huatai United Securities Co., Ltd. (hereinafter referred to as "Huatai United Securities" or "Independent Financial Advisor"), as the independent financial advisor for Shandong Hongqiao Aluminum Holdings Co., Ltd. (hereinafter referred to as "Hongqiao Holdings" or "the Company")'s issuance of shares to acquire assets and connected transactions (hereinafter referred to as "this Transaction"), has, in accordance with the "Company Law of the People's Republic of China," "Securities Law of the People's Republic of China," "Administrative Measures for the Registration of Issuance of Securities by Listed Companies," "Administrative Measures for Major Asset Restructuring of Listed Companies," "Administrative Measures for Financial Advisors of Mergers and Acquisitions of Listed Companies," and other relevant regulations, audited the impairment test of assets for Hongqiao Holdings in this Transaction. The details are as follows:

I. Basic Situation of This Transaction

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