Asset Appraisal Report on the Total Equity Value of Shareholders Involved in the Proposed Introduction of Strategic Investors by Shanghai Jinjinfu New Material Technology Co., Ltd.

This report is prepared in accordance with Chinese asset valuation standards.

Asset Appraisal Report on the Total Equity Value of Shareholders Involved in the Proposed Introduction of Strategic Investors by Shanghai Jinjinfu New Material Technology Co., Ltd.

Report Number: Su Hua Ping Bao Zi [2026] No. 227

(Total 1 volume, Volume 1)

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Jiangsu Huaxin Asset Appraisal Co., Ltd.

April 30, 2026

China Appraisal Society

Asset Appraisal Business Report Filing Receipt

Report Code: 3232020009202600534

Contract Number: 2026-227

Report Type: Statutory Asset Appraisal Business Report

Report Name: Asset Appraisal Report on the Total Equity Value of Shareholders Involved in the Proposed Introduction of Strategic Investors by Shanghai Jinjinfu New Material Technology Co., Ltd.

Appraisal Conclusion: 899,831,193.51 RMB

Appraisal Report Date: April 30, 2026

Appraisal Institution: Jiangsu Huaxin Asset Appraisal Co., Ltd.

Signatories:

Yu Haiyan (Asset Appraiser) Membership No.: 32180103

Xiao Rui (Asset Appraiser) Membership No.: 32190193

Yu Haiyan and Xiao Rui have confirmed their identities.

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Note: This filing receipt certifies that this report has been filed in the business filing system. It does not constitute an endorsement or certification of the report by the Association, nor does it serve as a basis for the exemption of the appraisal institution and its signatory asset appraisers from relevant legal liabilities.

Filing Receipt Generation Date: April 30, 2026

ICP Filing Number: Jing ICP Bei 2020034749

Table of Contents

Statement: 1

Asset Appraisal Report Summary: 3

Asset Appraisal Report Body: 5

I. Client, Appraised Entity, and Other Users of the Asset Appraisal Report: 5

II. Purpose of Appraisal: 18

III. Appraisal Object and Scope: 18

IV. Value Type: 26

V. Appraisal Base Date: 26

VI. Basis for Appraisal: 26

VII. Appraisal Methods: 30

VIII. Implementation Process and Situation of Appraisal Procedures: 37

IX. Appraisal Assumptions: 38

X. Appraisal Conclusion: 40

XI. Explanation of Special Matters: 42

XII. Explanation of Restrictions on the Use of the Asset Appraisal Report: 42

XIII. Appraisal Report Date: 43

Asset Appraisal Report Attachments

1. Copies of business licenses of the client and the appraised entity;

2. Copies of major ownership proof materials related to the appraisal object;

3. Letters of commitment from the client and other relevant parties;

4. Filing documents or qualification certificates of the appraisal institution and signatory asset appraisers;

5. Copy of the business license of the appraisal institution;

6. Summary or detailed list of asset appraisal.

Statement

I. This asset appraisal report is prepared in accordance with the basic standards for asset appraisal issued by the Ministry of Finance and the asset appraisal professional ethics standards issued by the China Appraisal Society.

II. The client or other users of the asset appraisal report shall use this asset appraisal report in accordance with the provisions of laws, administrative regulations, and the scope of use stated in this asset appraisal report. The appraisal institution and asset appraisers shall not be held liable if the client or other users of the asset appraisal report use this report in violation of the aforementioned provisions.

This asset appraisal report is intended solely for the client, other users of the asset appraisal report as agreed upon in the asset appraisal contract, and users of the asset appraisal report as stipulated by laws and administrative regulations. Apart from this, no other institution or individual may become a user of the asset appraisal report.

The appraisal institution and asset appraisers remind users of the asset appraisal report to correctly understand and use the appraisal conclusion. The appraisal conclusion is not equivalent to the realizable price of the appraisal object, and the appraisal conclusion should not be regarded as a guarantee for the realizable price of the appraisal object.