Announcement on the Transfer of Equity in Wholly-Owned Subsidiary

Transaction Overview

1. Hunan Lingpai Technology Group Co., Ltd. (hereinafter referred to as "the Company") approved the proposal for the transfer of equity in its wholly-owned subsidiary, Hunan Lingpai New Energy Research Institute Co., Ltd. (hereinafter referred to as "Lingpai Research Institute"), at the tenth meeting of the sixth board of directors held on March 30, 2026. The Company intends to transfer 100% equity of Lingpai Research Institute to Hengyang Wuqiang Power Co., Ltd. (hereinafter referred to as "Wuqiang Power") for a transfer price of 1 RMB. After the completion of this transaction, the Company will no longer hold any equity in Lingpai Research Institute, and Lingpai Research Institute will no longer be included in the Company's consolidated financial statements.
2. Wuqiang Power has no relationship with the Company, and this transaction does not constitute a related party transaction or a major asset restructuring as defined by the "Administrative Measures for Major Asset Restructuring of Listed Companies." The ownership of the transferred equity is clear, and there are no legal obstacles such as mortgages or judicial freezes.
3. The board of directors approved the proposal with a vote of 7 in favor, 0 against, and 0 abstentions, agreeing to sell 100% equity of Lingpai Research Institute through a non-public agreement. This equity transfer has received approval from the State-owned Assets Supervision and Administration Commission of Hengyang Municipal Government. According to the "Shenzhen Stock Exchange GEM Listing Rules" and the Company's Articles of Association, this equity transfer must be submitted for review by the Company's shareholders' meeting.

Basic Information of the Counterparty

1. Company Name: Hengyang Wuqiang Power Co., Ltd.
2. Company Nature: Limited Liability Company (Wholly State-owned)
3. Establishment Date: August 6, 2004
4. Registered Address: No. 1, Jianxiang Road, Zhuhui District, Hengyang City
5. Legal Representative: Zou Kaili
6. Registered Capital: 500,000 RMB
7. Unified Social Credit Code: 91430400765602345W
8. Business Scope: Production and sales of internal combustion engines, machinery manufacturing, agricultural machinery parts; sales of liquefied gas (limited to branches with qualifications). (Projects that require approval according to law can only be carried out after approval by relevant departments.)
9. Shareholders and Shareholding Ratio: The State-owned Assets Supervision and Administration Commission of Hengyang Municipal Government holds 100% equity of Wuqiang Power, being the actual controller of Wuqiang Power.
10. There are no relationships between Wuqiang Power and the Company or its top ten shareholders, directors, and senior management in terms of property rights, business, assets, debts, personnel, or any other relationships that may cause the Company to favor its interests.
11. Key Financial Data (Unit: RMB)

1. Credit Status: As of now, according to the China Execution Information Disclosure Network, Wuqiang Power is not listed as a dishonest person subject to enforcement.