Supplementary Legal Opinion (III) on the Initial Public Offering and Listing on the Growth Enterprise Market of Jiangsu Tianchang Composite Materials Co., Ltd. by Jiangsu Century Tongren Law Firm

Supplementary Legal Opinion (III)

1. Financial and Accounting of the Issuer

(1) Financial Performance

According to the audit report issued by Tianjian Accounting and verified by our lawyers as non-financial professionals, the issuer meets the following conditions under Article 11, Items (2), (3), and (4) of the Growth Enterprise Market Management Measures:

1. The net profits attributable to the parent company for the years 2013, 2014, 2015, and the first half of 2016 were 6,183,942.89 yuan, 58,357,672.89 yuan, 72,036,999.51 yuan, and 25,037,577.95 yuan, respectively. The issuer has achieved continuous profitability for the last two years, with a cumulative net profit of no less than 10 million yuan, in accordance with the regulations.
2. As of June 30, 2016, the issuer's net assets (consolidated) amounted to 445,719,754.56 yuan, exceeding 20 million yuan, with no undistributed losses.
3. The total share capital of the issuer before this issuance has reached 90 million yuan, which is no less than 30 million yuan.

(2) Tax Compliance

Based on the audit report from Tianjian Accounting and tax certificates from the tax authorities, our lawyers believe that the issuer has paid taxes in accordance with the law, and the tax incentives comply with relevant laws and regulations.