Supplementary Legal Opinion from Shanghai Guangfa Law Firm on Jiangyin Electric Alloy Co., Ltd.'s Issuance of Convertible Bonds to Unspecified Objects (Draft Update)
To: Jiangyin Electric Alloy Co., Ltd.
Shanghai Guangfa Law Firm (hereinafter referred to as "this firm") has been entrusted by Jiangyin Electric Alloy Co., Ltd. (hereinafter referred to as "the issuer" or "the company") to act as the special legal advisor for the issuer's application to issue convertible bonds to unspecified objects. On December 24, 2025, this firm issued the "Legal Work Report on Jiangyin Electric Alloy Co., Ltd.'s Application to Issue Convertible Bonds to Unspecified Objects" (hereinafter referred to as "the Legal Work Report") and the "Legal Opinion on Jiangyin Electric Alloy Co., Ltd.'s Application to Issue Convertible Bonds to Unspecified Objects" (hereinafter referred to as "the Legal Opinion").
In light of the Shenzhen Stock Exchange's issuance of the "Inquiry Letter on Jiangyin Electric Alloy Co., Ltd.'s Application to Issue Convertible Bonds to Unspecified Objects" (hereinafter referred to as "the Inquiry Letter"), this firm now provides this supplementary legal opinion addressing the legal issues that the law firm is required to explain in the Inquiry Letter. This firm and the handling lawyers have strictly fulfilled their statutory responsibilities in accordance with the Company Law, Securities Law, Management Measures, and other relevant regulations, ensuring that the facts recognized in this supplementary legal opinion are true, accurate, and complete, with no false records, misleading statements, or significant omissions, and bear corresponding legal responsibilities. This supplementary legal opinion is to be used in conjunction with the Legal Work Report and the Legal Opinion, and the relevant abbreviations in this supplementary legal opinion, unless otherwise specified, have the same meanings as in the Legal Work Report and the Legal Opinion.
1. About the Issuer's Main Customers' Business Cooperation Situation (Inquiry Letter Question 1 (4))
(1) The issuer's cooperation with major customers is stable and does not involve significant reliance.
- Competition Landscape and Concentration in the Issuer's Downstream Industry The lawyers of this firm reviewed the issuer's explanatory documents, relevant industry analysis materials, and conducted confirmation procedures with the issuer's major customers, visiting some customers and suppliers' operational sites. According to the verification by this firm's lawyers, the issuer's main business is the research, production, and sales of copper and copper alloy products, with main products including electrified railway contact network series products, copper busbar series products, and high-voltage connectors for new energy vehicles, widely serving various industries such as electrified railways, urban rail transit, large construction projects, nuclear power units, wind power generation units, hydropower generation units, power transmission and distribution facilities, and new energy vehicles.
The downstream industries involved in the copper processing industry are numerous. The downstream industry for the issuer's electrified railway contact network series products is the railway construction and urban rail transit industry. The issuer's copper busbar series products are mainly applied in the power equipment industry, while the downstream industry for the issuer's high-voltage connectors for new energy vehicles is the new energy vehicle industry.