Financial Advisor Report
Listed Company Name: Tibet Gaozheng Civil Explosives Co., Ltd.
Stock Exchange: Shenzhen Stock Exchange
Stock Abbreviation: Gaozheng Civil Explosives
Stock Code: 002827
Financial Advisor
[Chart: TF Securities Logo]
Signing Date: August 2026
Financial Advisor Statement
The terms or abbreviations used in this statement have the same meanings as those defined in the "Definitions" section of this Financial Advisor Report.
In accordance with the Company Law, the Securities Law, the Administrative Measures for the Takeover of Listed Companies, the No. 16 Guidelines, and other relevant laws, regulations, and normative documents, and in accordance with recognized industry standards and ethical codes of the securities industry, we have conducted an inspection of the relevant circumstances and materials of this acquisition with an attitude of honesty, trustworthiness, and diligence. We hereby issue this Financial Advisor Report regarding the content disclosed in the Acquisition Report of Tibet Gaozheng Civil Explosives Co., Ltd. issued by the acquirer.
For this purpose, this financial advisor makes the following statement:
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This financial advisor has fulfilled its due diligence obligations in accordance with regulations, inspected the Acquisition Report of Tibet Gaozheng Civil Explosives Co., Ltd. disclosed by the acquirer, and is convinced that the content and format of the disclosure documents comply with regulations. We have sufficient reason to believe that the professional opinions expressed do not differ substantially from the content of the documents disclosed by the acquirer.
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This financial advisor has sufficient reason to believe that this acquisition complies with the provisions of relevant laws and administrative regulations, and has sufficient reason to believe that the information disclosed by the acquirer is true, accurate, and complete, without false records, misleading statements, or major omissions.
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The relevant materials relied upon by this financial advisor were provided by the acquirer. The acquirer has made a statement guaranteeing that all documents, materials, and oral testimonies provided are true, accurate, complete, and timely, without any major omissions, false records, or misleading statements, and is responsible for their authenticity, accuracy, completeness, and legality.
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The financial advisor report issued regarding this acquisition has been submitted to the internal review body of this financial advisor for examination, and we agree to issue this professional opinion.
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From the time of contact with the acquirer until serving as the financial advisor, this financial advisor has taken strict confidentiality measures and strictly implemented risk control and internal isolation systems, ensuring there are no issues of insider trading, market manipulation, or securities fraud.
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This financial advisor specifically reminds investors that this report does not constitute any investment advice to the parties involved in this acquisition or their affiliates. This financial advisor assumes no responsibility for any risks arising from investment decisions made by investors based on this report.
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This financial advisor has not entrusted or authorized any other institution or individual to provide information not listed in this report or to provide any explanation or clarification of this report.
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The matters described in this verification opinion do not represent the substantive judgment, confirmation, or approval of this transaction by any competent authority.
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This financial advisor specifically reminds investors to carefully read the Acquisition Report of Tibet Gaozheng Civil Explosives Co., Ltd. as well as the full text of relevant listed company announcements and reference documents.
Financial Advisor Commitment
In accordance with the Administrative Measures for the Takeover of Listed Companies and other relevant regulatory requirements, this financial advisor makes the following commitments when issuing this report:
- We have fulfilled our due diligence obligations in accordance with regulations and have sufficient reason to believe that the professional opinions expressed do not differ substantially from the content of the acquirer's announcement documents.