Independent Auditor's Report
To the shareholders of Wuxi Shuangxiang Advanced Materials Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of Wuxi Shuangxiang Advanced Materials Co., Ltd. (hereinafter referred to as "Shuangxiang Co."), which comprise the consolidated and parent company balance sheets as of December 31, 2025, the consolidated and parent company income statements, consolidated and parent company cash flow statements, consolidated and parent company statements of changes in owners' equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements, in all material respects, are prepared in accordance with the requirements of the Accounting Standards for Business Enterprises, and fairly present the consolidated and parent company financial position of Shuangxiang Co. as of December 31, 2025, and the consolidated and parent company results of operations and cash flows for the year then ended.
II. Basis for Audit Opinion
We conducted our audit in accordance with the Standards for Auditing Standards of Certified Public Accountants of China. Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of Shuangxiang Co. in accordance with the Code of Professional Ethics for Certified Public Accountants of China and the Independent Standards for Certified Public Accountants of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.