2025 Annual Financial Report of Zhongwei New Materials Co., Ltd.

Audit Report

Audit Opinion Type

Standard unqualified audit opinion

Signing Date

March 30, 2026

Audit Institution Name

Ernst & Young Hua Ming LLP (Special General Partnership)

Audit Report Number

Ernst & Young Hua Ming (2026) Audit No. 70059089_G01

Certified Public Accountants

Wang Shijie, Liang Jiali

Audit Report Body

To all shareholders of Zhongwei New Materials Co., Ltd.:

1. Audit Opinion
   We have audited the financial statements of Zhongwei New Materials Co., Ltd., including the consolidated and company balance sheets as of December 31, 2025, the consolidated and company income statements, statements of changes in equity, cash flow statements, and related notes. We believe that the attached financial statements of Zhongwei New Materials Co., Ltd. are prepared in accordance with the provisions of enterprise accounting standards in all material respects and fairly reflect the consolidated and company financial position as of December 31, 2025, as well as the consolidated and company operating results and cash flows for the year 2025.

2. Basis for Forming Audit Opinion
   We conducted our audit in accordance with the auditing standards for certified public accountants in China. The section of the audit report titled "Responsibilities of Certified Public Accountants for the Audit of Financial Statements" further elaborates on our responsibilities under these standards. In accordance with the "Independence Standards for Certified Public Accountants No. 1 - Requirements for Independence in Financial Statement Audits and Reviews" and the Code of Ethics for Certified Public Accountants in China, we are independent of Zhongwei New Materials Co., Ltd. and have fulfilled our other ethical responsibilities. We adhered to the independence requirements for auditing public interest entities during our audit. We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our audit opinion.

3. Key Audit Matters
   Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the current period. Our responses to these matters are in the context of our audit of the financial statements as a whole and in forming our audit opinion, and we do not express a separate opinion on these matters. We describe how we addressed each of these matters in our audit. We have fulfilled the responsibilities described in the "Responsibilities of Certified Public Accountants for the Audit of Financial Statements" section of this report, including those related to these key audit matters. Accordingly, our audit work included performing audit procedures designed to respond to the assessed risks of material misstatement in the financial statements. The results of our audit procedures, including those performed in response to the key audit matters described below, provide a basis for our audit opinion on the financial statements.

Key Audit Matters: