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Special Explanation of Inquiry Letter
Pan-China Letter [2026] No. 3-90
Shenzhen Stock Exchange:
We have received the "Inquiry Letter regarding the 2025 Annual Report of Jiangxi Haoyuan Composite Material Technology Co., Ltd." (Company Department Annual Report Inquiry Letter [2026] No. 133, hereinafter referred to as the "Inquiry Letter") forwarded by Jiangxi Haoyuan Composite Material Technology Co., Ltd. (hereinafter referred to as "Haoyuan Composite" or the "Company"). We have prudently reviewed the financial matters in the Inquiry Letter that require our explanation, and we report as follows.
Table of Contents
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Regarding Operating Revenue Deduction: Page 1-31
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Regarding Negative Net Profit and Net Assets: Page 31-47
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Regarding Major Litigation: Page 47-54
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Regarding Related-Party Procurement: Page 54-63
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Regarding Construction in Progress and Asset Impairment Provision: Page 63-74
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Regarding Accounts Payable: Page 74-79
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Regarding Inventory: Page 79-87
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Regarding Accounts Receivable: Page 87-95
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Regarding Internal Control and Correction of Prior Period Accounting Errors: Page 95-98
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Regarding Revocation of Delisting Risk Warning: Page 98-104
I. Regarding Operating Revenue Deduction
The annual report shows that in 2025, the Company achieved an operating revenue of 388.8076 million yuan, a year-on-year increase of 100.36%, with an amount after revenue deduction of 379.1877 million yuan. Among this, the photovoltaic business achieved an operating revenue of 229.9368 million yuan in 2025, a year-on-year increase of 475.23%, and the composite materials business achieved an operating revenue of 144.6747 million yuan, a year-on-year increase of 66.56%. During the reporting period, the Company's related-party transactions involving the sale of photovoltaic modules to related parties, Shenzhen Ziguang Lighting Technology Co., Ltd. and Ziguang Industrial Technology (Chuzhou) Co., Ltd., totaled 197.607 million yuan, accounting for 50.82% of the 2025 operating revenue.