Supplementary Legal Opinion from Grandall Law Firm (Fuzhou) on Fujian Ashi Innovation Materials Co., Ltd.'s 2025 Private Placement of RMB Ordinary Shares (A Shares) and Listing (Part One)

Supplementary Legal Opinion (Part One)

Address:

43/F, International Financial Center, No. 1 Wanglong 2nd Avenue, Taijiang District, Fuzhou 350005, P.R. China
Tel: 86-591-88115333
Fax: 86-591-88338885
Website: http://www.grandall.com.cn
Date: May 2026

Table of Contents

1. Definitions ............................................................. 2
2. Main Text ............................................................... 6
   1. Approval and Authorization of the Issuer's Issuance ........................ 6
   2. Qualification of the Issuer for the Issuance ................................ 6
   3. Substantive Conditions of the Issuance .................................... 6
   4. Establishment of the Issuer ................................................ 10
   5. Independence of the Issuer ................................................ 10
   6. Major Shareholders and Actual Controllers of the Issuer .................. 10
   7. Issuer's Capital and Its Evolution ........................................ 11
   8. Business of the Issuer .................................................... 12
   9. Related Transactions and Industry Competition ............................ 13
   10. Major Assets of the Issuer ................................................ 18
   11. Major Debts of the Issuer ................................................ 18
   12. Major Asset Changes and Mergers of the Issuer .......................... 21
   13. Formulation and Amendment of the Issuer's Articles of Association ... 21
   14. Rules of Procedure for Shareholders' Meetings, Board of Directors, and Supervisory Board of the Issuer .......... 21
   15. Changes in the Issuer's Directors, Supervisors, and Senior Management ... 22
   16. Taxation of the Issuer .................................................... 22
   17. Environmental Protection, Product Quality, and Technical Standards of the Issuer .................................................... 25
   18. Use of Raised Funds by the Issuer ........................................ 26
   19. Business Development Goals of the Issuer ................................ 26
   20. Litigation, Arbitration, or Administrative Penalties of the Issuer ....... 26
   21. Evaluation of Legal Risks in the Issuer's Prospectus (Revised) ........ 27
   22. Other Issues to be Explained ............................................. 27
   23. Conclusion Opinion ..................................................... 28
3. Signature Page .......................................................... 29