Chongqing Meiansen Technology Co., Ltd. (hereinafter referred to as "the Company") received the administrative regulatory measures decision from the China Securities Regulatory Commission Chongqing Regulatory Bureau (hereinafter referred to as "Chongqing CSRC") on January 29, 2026, titled "Decision on Ordering Chongqing Meiansen Technology Co., Ltd. to Make Corrections" (Document No. [2026] 5, hereinafter referred to as "the Decision"). The Chongqing CSRC decided to impose administrative regulatory measures requiring the Company to rectify the issues pointed out in the Decision. For specific details, please refer to the Company's announcement disclosed on January 31, 2026, on the Giant Tide Information Network (Announcement No. 2026-001).
Upon receiving the Decision, the Company attached great importance to it, promptly informing all directors, senior management, and relevant department personnel. The Company convened relevant departments and personnel to analyze and discuss the issues mentioned in the Decision. In accordance with relevant laws, regulations, normative documents, and the Company's management systems, combined with the actual situation of the Company, a thorough analysis of the causes of the issues was conducted, responsibilities for rectification were clarified, corrective measures were formulated, and the rectification was completed, resulting in this rectification report. The specific rectification situation is reported as follows:
I. Issues and Rectification Measures
Issue 1: Inaccurate provision for bad debts on accounts receivable, improper recognition of some revenue costs and expenses, and incorrect depreciation periods for some assets.
(A) Inaccurate provision for bad debts on accounts receivable.
Rectification Measures:
- The Company has organized financial personnel to systematically study "Enterprise Accounting Standard No. 22 - Financial Instruments Recognition and Measurement," summarizing its core points to effectively enhance the financial personnel's understanding and practical operation capabilities regarding this standard. The Financial Management Department will establish a regular analysis mechanism for accounts receivable, analyzing the aging distribution, structural characteristics, and trends, accurately calculating the aging migration rate, and prudently considering forward-looking adjustment factors for expected credit losses based on macroeconomic conditions, industry situations, and the Company's actual operations. The expected credit loss rate will be calculated strictly according to the expected credit loss model, and provisions for bad debts on accounts receivable will be made to ensure that relevant accounting treatments comply with accounting standards.
- A third-party review and approval mechanism for key parameters in the expected credit loss rate calculation model will be established, requiring that the calculation results be reviewed by third-party financial personnel outside of the preparers. The review will cover the accuracy of data, the rationality of calculation logic, and the appropriateness of forward-looking factors.
- The expected credit loss rate for accounts receivable has been changed as approved by the seventh meeting of the sixth board of directors and the sixth meeting of the sixth supervisory board.
Rectification Responsible Persons: Chairman, General Manager, Financial Responsible Person.
Rectification Status: Completed, and future compliance will be maintained according to relevant systems and requirements.