Guotai Junan Securities Co., Ltd. Audit Opinion on Stock Price Fluctuation of Changzhou Zhongying Technology Co., Ltd. Before Information Disclosure of Major Asset Restructuring

Zhongying Technology Co., Ltd.·August 20, 2026·3 pages

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Guotai Junan Securities, as the independent financial advisor, audited the stock price fluctuations of Changzhou Zhongying Technology before the disclosure of its major asset restructuring. The audit found that excluding market and industry factors, the company's stock price cumulative fluctuation did not exceed 20% in the 20 trading days prior to the announcement, indicating no abnormal fluctuations.

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Guotai Junan Securities Co., Ltd.

Audit Opinion on Stock Price Fluctuation of Changzhou Zhongying Technology Co., Ltd. Before Information Disclosure of Major Asset Restructuring

Changzhou Zhongying Technology Co., Ltd. (hereinafter referred to as "the Company" or "Zhongying Technology") plans to acquire 51% of the equity of Changzhou Yingzhong Electric Co., Ltd. (hereinafter referred to as "the Target Company" or "Yingzhong Electric") held by Yu Biao, Yu Yingzhong, and Zhu Lijuan through cash payment (hereinafter referred to as "the Transaction").

As the independent financial advisor for the Company's Transaction, Guotai Junan Securities Co., Ltd. (hereinafter referred to as "Independent Financial Advisor" or "Guotai Junan") has audited the stock price fluctuation of the Company before the first disclosure of the Transaction as follows:

Stock Price Fluctuation of the Company

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