Guangzhou Xinlaifu New Materials Co., Ltd. Plans to Implement Asset Restructuring Involving Guangzhou Jinnan Magnetic Materials Co., Ltd. Valuation Report [2026] No. A0278

This asset valuation report is prepared in accordance with the Chinese Asset Valuation Standards for the asset restructuring plan of Guangzhou Xinlaifu New Materials Co., Ltd. involving the valuation report of all shareholder equity of Guangzhou Jinnan Magnetic Materials Co., Ltd. (Valuation Report Code: 4444020005202600285) by Guangdong Lianxin Asset Valuation Land and Real Estate Appraisal Co., Ltd. on April 14, 2026.

Table of Contents

1. Declaration ................................................................................................. 1
2. Summary .................................................................................................... 3
3. Main Text ................................................................................................... 6
   1. Overview of the Client, Valued Entity, and Other Users of the Valuation Report ............................................. 6
   2. Purpose of the Valuation ............................................................................................................... 13
   3. Valuation Object and Scope ........................................................................................................... 13
   4. Type of Value ............................................................................................................................... 29
   5. Valuation Benchmark Date ........................................................................................................... 30
   6. Basis for Valuation ....................................................................................................................... 30
   7. Valuation Methods ....................................................................................................................... 34
   8. Implementation Process and Situation of the Valuation Procedure ................................................... 43
   9. Valuation Assumptions .................................................................................................................. 44
   10. Valuation Conclusion .................................................................................................................. 47
   11. Special Matters Explanation ....................................................................................................... 47
   12. Limitations on the Use of the Valuation Report ........................................................................... 51
   13. Date of the Valuation Report ....................................................................................................... 52
4. Attachments
   1. Income Method Valuation Results Table
   2. Summary and Detailed Valuation Table (Asset-Based Method)
   3. Announcement on the Suspension of Trading Related to the Issuance of Shares and Cash Purchase of Assets and Related Transactions (Announcement No. 2025-006)
   4. Special Audit Report on the Valuation Benchmark Date of the Valued Entity (Copy)
   5. Client's Business License (Copy)
   6. Valued Entity's Business License (Copy)
   7. Main Ownership Proof Materials Related to the Valuation Object (Copy)
   8. Client's Commitment Letter (Copy)
   9. Valued Entity's Commitment Letter (Copy)
   10. Valuation Expert's Commitment Letter (Copy)
   11. Guangdong Lianxin Asset Valuation Land and Real Estate Appraisal Co., Ltd. Business License (Copy)
   12. Announcement of Asset Valuation Filing by Guangdong Lianxin Asset Valuation Land and Real Estate Appraisal Co., Ltd. (Copy)
   13. Official Practice Membership Certificate of the China Asset Valuation Association (Copy)